Another bank is getting on board with pushing homeowner’s in distress to do a short sale instead of being foreclosed on. Bank of America has just come out with this program which will offer distressed homeowner’s cash to complete a short sale. The homeowner could receive anywhere from $5,000 to $20,000 incentive.
There are some guidelines to be aware of:
1. The homeowner’s needs to apply for this program prior to November 30, 2011.
2. The homeowner must not have EVER had an offer on this property
3. The closing must take place before August 31, 2012
Homeowner’s with a Bank of America loan need to act upon this program sooner rather than later. If the home is your primary residence there is a good possibility that Bank of America will waive the deficiency judgement. A deficiency judgement in a short sale is the difference from what the house sells for and what is actually owed to the bank.
It has not been 5 years since the recession took its toll on homes in the Florida Keys. And although, short sales still make up about 10% of the Florida Keys real estate market, programs such as this will help to get these homes off the market sooner rather than having them lingering in limbo.
If you are looking for homes in the Florida Keys, my website is updated on a daily basis with the most current properties for sale. Whether you are looking for Florida Keys waterfront homes, Luxury homes in the Florida Keys, Florida Keys Condominiums, Vacant lots in the Florida Keys or commercial properties, I can assist you with your purchase.