BofA Offering Up to $30K in Relocation Assistance for Short Sales
Just days after Bank of America officially announced its nationwide program offering up to $30,000 in relocation assistance for short sales, a Massachusetts-based real estate company revealed in a blog that one of its clients was approved to receive $10,000.
We knew this client was eligible for some relocation assistance but we did not realize it would be this much. It was a welcome surprise for our client who is having a hard time coming up with money to move, said Anthony Lamacchia, owner and broker of Mcgeough Lamacchia Realty. I think BofA is making many improvements across the board, and I applaud them for it.
BofA posted the announcement in a statement Tuesday. In order to be eligible for the relocation assistance, BofA stated that the short sale must be initiated by the end of this year and close by September 26, 2013. Also, sellers must do their part and work proactively with the bank to obtain a preapproved sales price before submitting a purchase offer.
The relocation expenses are offered at closing and can range from $2,500 up to $30,000, and the amount offered is determined on a case-by-case basis, with variables such as the value of the home and amount owed factored into the equation.
This program can help customers make a planned transition from ownership when home retention options have been exhausted or they have made a decision not to keep the home, said Bob Hora, home transition services executive for BofA.
Mcgeough Lamacchia Realty also posted an example of a cash incentive letter in which BofA outlined tips on how to more successfully complete a short sale.
The tips were to return all requested documents on time, respond quickly to counter offers, complete the release of subordinate liens where applicable, and stay in touch with your real estate agent.
In addition to the cash assistance offer, BofA also recently announced in April that its trimming response times for short sales down to 20 days. However, real estate professionals must do their part and submit five documents for a complete short sale package when initiating the process.
The five documents are a purchase contract including Buyers Acknowledgment and Disclosure HUD-1; IRS Form 4506-T; Bank of America Short Sale Addendum, which includes the Agent Certification form; and Bank of America Third-Party Authorization Form.
According to a BofA statement, the bank has completed 200,000 short sales in the last two years and another 30,000 in the first quarter of 2012.