BofA increases relocation assistance payments
To qualify for the enhanced relocation assistance payments under the new program, the seller must work proactively with the bank to obtain a preapproved sales price prior to submitting a purchase offer to the bank. A short sale must be initiated by the end of 2012 and close by Sept. 26, 2013, to be eligible for the payment. Qualifying short sales that have already been started but have not closed may be eligible for the relocation assistance.
Initially the program will be offered on mortgages that are owned and served by Bank of America. Currently, the percentage of loans that qualify for the program is 8 percent nationwide.
More info: www.bankofamerica.com/hometransition
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In Focus
Jacob L. Swodeck
Keller Williams Realty
Rancho Cucamonga
As Director of Education at PartnerFirst (a nationwide short sale agent network), and an active REALTOR® who has closed more than 1,000 short sales, I know one thing: Short sales are tough! But they are still possible—if you remember these two points: The mortgage servicer works on behalf of the loan investor most of the time, and You must learn to manage expectations properly with all parties involved in the sale—especially on the buyer’s side.