Here's the latest update on Bank of America's short sale incentive program. Thanks to Mark Puente with the St. Pete Times, we now have more clarification on how the program works, deadlines, payout amounts and qualification process.
The biggest disappointment is that homes already under contract are not eligible for the cash assistance.
When do I have to list my home for sale?
- Between Sept. 26 and Nov. 30.
- The deal must close by Aug. 31, 2012.
Can homeowners with good payment histories qualify if their loans are under water?
Yes. Bank of America selected Florida for the test-and-learn program to determine whether the additional incentive increases the use of short sales instead of other more expensive, and perhaps less dignified, transitions like foreclosure. If it works in Florida, the bank might roll it out in other parts of the country.
How much money will I get?
Qualified homeowners will get 5 percent of the unpaid balance as of August 2011, with a minimum payout of $5,000, Bank of America says. For instance, a homeowner who owes $100,000 as of August would get $5,000 (5 percent of $100,000). A homeowner who owes $200,000 would get $10,000. And so on up to a maximum of $20,000. The sales price does not impact the payout. If you need additional information on this offer, please call 727-344-9815 or email a short sale expert Realtor at Prudential Tropical Realty.
You may also want to read the Bank of America article, Bank of America Offers Homeowners up to 20K Incentive To Sell As A Short Sale-Tampa, Fl, released earlier in the week for additional details to the program.