Bank Of America Short Sale Information Relocation Assistance Program

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Just recently Bank of America officially announced its nationwide program offering up to $30,000 in relocation assistance for short sales.

The criteria that Bank of America wants for the relocation assistance program is the following:
In order to be eligible for the relocation assistance, Bank of America 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. Some of the tips that Bank of America states that would help the process run much smoother in getting the short sale completed are the following:

*Return all requested documents on time
*Respond quickly to counter offers
*Complete the release of subordinate liens where applicable
*Consistently keep in touch with your real estate agent

In addition to the cash assistance offer, Bank of America also recently announced in April that it’s 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 Buyer’s 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 Bank of America statement, the bank has completed 200,000 short sales in the last two years and another 30,000 in the first quarter of 2012. If you have a home that you need to do a short sale on that has a Bank of America loan, contact me immediately as I can help you with this program as Remax is a preferred short sale facilitator with Bank of America.

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