Great news for Bank of America short sales

From the Florida Association of Realtors(R) newsletter today.

BofA announces new short sale incentive NEW YORK – May 16, 2012 – Bank of America announced a new short-sale program – called enhanced relocation assistance – to help homeowners move debt free and get paid $2,500 to $30,000 for doing so. The actual cash payment depends on the appraised value of the home.

Sellers get the payment at closing. While each agreement with Bank of America is unique, the offer generally requires sellers to satisfy junior liens to provide clear title to the property; a full walk-through appraisal; and a closing that occurs on or before Sept. 26, 2012 (I heard this is actually 2013). The program only applies to pre-approved short sales, not sales that start with an offer; and eligible homeowners must actively participate in a short sale program, such as HAFA or Bank of America’s proprietary program.

Bank of America says Realtors can determine a client’s eligibility quickly through its lending website, agent.equator.com, or by calling a short-sale specialist at (866) 880-1232.

Sellers already working on a short sale through Bank of America are also eligible if they meet the requirements. The bank says it will contact them by letter if they qualify.

© 2012 Florida Realtors®