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BANK OF AMERICA ADDS ADDITIONAL INCENTIVES TO SHORT SALES

Currently I am working on a preapproved HAFA short sale in Green Valley Ranch.  Not all lenders will preapprove a HAFA short sale, but Bank of America will.  To qualify, you need to have used the home as your principal residence.  You do not currently have to live in the house, but it can only have been vacant for the previous 12 months.  This is the program which gives the seller a $3000 relocation incentive paid out of the proceeds of the sale and waives any deficiency rights the lender might have had.  We had received an offer on the house in Green Valley Ranch and submitted it for review by Bank of America.  When I received the counter offer back from Bank of Americ, it included in addition to the $3000 HAFA incentive, an additional $7990 for relocation expenses for a total of over $10,000 to be paid to the seller out of the proceeds of the sale of the house.   Frankly, I could not believe my eyes.   Shortly afterwards, I received an email from Bank of America announcing the roll out of a new program to assist people in the short sale of their homes, with payments of between $2500 and $30,000 to encourage people to short sell their houses if they are experiencing a financial hardship.  I think the seller may have been the first person in Nevada, and maybe anywhere, to be granted these additional funds.  Needless to say, the seller is quite relieved and happy to receive this additional assistance.

To find out if you qualify for these programs, give Lisa a call – 702-401-2349.

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