BOA Offering Relocation Cash for Short Sales

Bank of America is offering big incentives for short sales – as in, up to $30,000. The company announced last week that they would offer relocation assistance to those who initiate a short sale by the end of 2012, and close by Sept. 26, 2013. Sellers have to also work cooperatively and proactively with BOA to get a pre-approved sale price before submitting a purchase offer.

The actual amount homeowners can receive will be determined on a case-by-case basis, but can range from $2,500 all the way up to $30,000. Determining factors include amount owed on the home and the value of the home. This new incentive comes on the heels of BOA’s announcement that they are cutting response times for short sale requests to 20 days, as long as all documentation is in place. In the last 2 years, BOA completed 200,000 short sales, with another 30,000 in the first quarter of 2012.

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