30K Short Sale Incentive to Seller!

According to documentation provided directly from the lender, Bank of America is offering a new Cooperative Short Sale Incentive Program, which can provide a seller’s incentive from $5,000 to $30,000!  It remains to be seen how often the top end of the incentive will be offered to sellers, but this clearly reflects a shift in the direction towards supporting short sale efforts as opposed to pursuing foreclosures.  That shift alone is good news for sellers and buyers in the current housing market.  Sellers benefit from the potential cash at settlement and a faster short sale of their underwater property.  Buyers benefit from the increase in inventory that would not have otherwise occurred from sellers who are incentivized to put their underwater homes on the market.  If you are interested in short selling your property, you should speak with an experienced attorney regarding the process and your possible options.

–Suren G. Adams, Broker and Attorney at Law, Adams Realty, LLC