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Short Sale Relocation Assistance Program by Bank of America. What is it all about?

We love your real estate questions and we enjoy answering them to the best of our ability.  The big news for St Petersburg and all Tampa Bay residents in the past few weeks was the fact that Bank of America rolled out their short sale relocation program.  Even St Pete Times covered this story recently.

What is this short sale program all about?

It is a type of a fast track short sale program.  Florida enhanced short sale relocation assistance program (yes, a mouthful!) is all about, well, assistance.  Sellers are offered up to $20,000 at closing for relocation assistance costs.

How do I qualify?

You have to list your home with a Realtor prior to November 30th 2011. You have to close on the sale of your home prior to August 31st 2012.

How’s the relocation short sale program different from other short sale programs?

Cash!  You will receive between $5,000 and $20,000 at closing, depending on what your mortgage balances are and a few other variables.

Do I need to have an active offer/contract on my property before I can qualify?

No.  It is a pre-offer program and you do not need to have a contract in place in order to initiate the Bank of America relocation short sale program.  The lender should be able to qualify you and give you an idea on what your home is worth and what the lender wants to see on the contract.

Do I have to relocate out of state? Out of town?

No. You can relocate next door if you want to.
Time will go by quickly, so get your paperwork in order, list your home and receive some assistance money to help you move on with your life.

Questions?   Need help with a short sale? We are here for you. Call today at 727-644-3370 or email us at [email protected]