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I received a call today from Bank of America about one of our short sale files. The call was to inform us that the seller qualifies for their Short Sale Relocation Assistance Program. That means that the seller is going to receive a check anywhere from $5k to $30k at closing for completing a short sale.
I figured that this was a great time to help walk you through what the process will be like when you decide to try and participate in this program. Once a week I will do a video walking you through what happened on the file and what was needed form us.
As of today, the bank faxed over a few documents that are required to complete the sale. We have already sent in the regular short sale information, though the guy I spoke with said that it isn't necessary in order to close this. All he needs at this point is the 5 pages he sent over today:
We will get this information sent over to the bank this weekend, and update you on the progress this week. The next step that we are anticipating is having Bank of America order an appraisal on the property.
So we finally heard back from Bank of America with the terms of the Bank of America Short Sale Relocation Incentive Program details. They are asking us to list the property at $133k with an incentive amount to the sellers of $5168.38. This comes in at 3.8% of the appraised value, which is inline with the 2.5-5% we were thinking.
Once we got that amount, the bank assigned the file to me in Equator and is now asking for updated listing paperwork and a copy of the MLS sheet. The home will now go active on the market and we will see where the offers come in.
I expect that we should be able to get an offer near this amount fairly easily. The trick is going to be what the bank does with the HOA amount. Hopefully they will pay them in full without too much of a hassle.
Good luck with this and hope you get a buyer that is willing to wait....and wait….a VERY long time....for this house. I'm a seller going thru this exact process. Applied for HAFA October of 2011, got our HAFA approval February of 2012, within 1 week received a full price offer. Received the enhanced "relocation assistance program" letter in April and have been getting the run around between BofA and 3 different "servicing companies" for over 7 months now. Got the terrific news 2 weeks ago from BofA - "Welcome to Closing!" and that we should receive the approval letter in 1-2 biz days. Yeah right. Still waiting on that. One hand blames the other hand and nothing ever gets done. We are "supposed" to get $3k for HAFA relo and $15.5k for enhanced relo at closing...if we EVER close. If you are expecting BofA to pay any back unpaid HOA dues, good luck with that. They are not paying for ANYTHING per our HUD. Buyer is taking on all the costs, including typical costs that a "seller"/BofA would pay on a normal close. This is why short sales take so long. Buyers are backing out when they have to wait so long for an approval and then find out they have to pay way more than what they were expecting. I cannot wait to be done with this whole process. Again...good luck.
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