Who says short sales aren’t far more profitable for a lender than foreclosure? Not I said the House-Guy who has been successfully closing short sales since 1999…well almost. I have been involved with successful short sales dating back to 2002. Yeah, that was way before the word became as common as Kleenex. Anyway, as I have written a few times, short sales will be part of the market place for some time to come. The other day I received an email from Bank of America Short Sale Department, letting me know that Bank of America was offering incentives to sellers in Florida to complete a short sale. Last quarter Chase Bank offered $35,000 to sellers to complete short sales, and now Bank of America is following suit. I guess Brian Moynihan the CEO of Bank of America is getting some pressure. Well truth be told the letter from Bank of America hits the same tune I have been signing for years. Short Sales are more profitable, more beneficial and the best alternative for home owners and lenders alike when a home owner can no longer afford to pay their mortgage. To quote BOA’s letter, ” Bank of America encourages distressed homeowners to explore a short sale as a viable option for avoiding foreclosure.” Encourages, that is pretty powerful words. Here are some of the Eligibility requirements to be part of the Florida Enhanced Short Sale Relocation Assistance from BOA:
1. The property must be located in Florida (duh)
2. The Short Sale Must be initiated WITHOUT AN OFFER between 9/29/2011 and 10/30/2011.
3. Closing must be prior to August 31, 2012…
5. Minimum relocation assistance is $5,000 and the maximum is $20,000.
If you know of someone with a loan from Chase Bank or Bank of America they need to read my blog. And always, if you or someone you now is in need of a short sale expert in Lee County, mainly Cape Coral, Fort Myers, and Lehigh Acres, then have then call me. I am happy to assist.
Let me know your thoughts on the topic.