B of A to offer up to $30,000 in relocation assistance.. True or False

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B of A to offer up to $30,000 in relocation assistance.. True or False

B of A

Well, actually a little bit of both.  They are offering $2,500 to $30,000 in relocation assistance.  However, there are a couple of criteria to determine if you are eligible and this is a limited time offer.

 

1st.  Your Realtor must initiate a Short Sale without an offer.

2nd  You must participate in one of the preapproved price Short Sale programs, such as HAFA (Home Affordable Foreclosure Alternatives) or Bank of America’s proprietary program.scratching head

 

There are a couple things you should know.

1st The relocation funds will show up on the HUD (settlement statement) and a 1099C-misc will be issued.

2nd The funds could be used to pay off existing loans or to help with relocation expenses.

3rd The relocation assistance payment is calculated based on the appraised value of the homeowner’s property

4th The short sale must close by September 26, 2013

5th  If you do not comply with all terms and conditions of the Short Sale Agreement, you will not receive the relocation assistance payment.

6th This money may be taxable.  So it is highly recommended that you contact the IRS or your tax preparer to determine if they have any tax liability.

short sale

 

If your home is upside down and you have a B of A loan, this might be worth looking into.  But there is a lot of things that go into this program, so don't gets you hopes up about walking away with a $30,000 check.

Posted by

Debora Nichols 

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Rainmaker
160,681
Satar Naghshineh
Satar - Amiri Property and Financial Services Corp. - Irvine, CA

Actually it is 5k to 30k.  Do you know the calculation they use on the incentive?

May 25, 2012 04:44 PM #1
Rainmaker
725,911
Juli Vosmik
Dominion Real Estate Partners, LLC, Scottsdale, AZ - Scottsdale, AZ
Scottsdale/Cave Creek, AZ real estate 480-710-0739

Deb, I hadn't heard the BofA released this yet - just were "working" on it.  I'm going to have to check into this further - it sounds like a good opportunity for some short sale homeowners.  Thanks for the head's up. 

May 25, 2012 06:27 PM #2
Rainmaker
160,681
Satar Naghshineh
Satar - Amiri Property and Financial Services Corp. - Irvine, CA

They released it last week and I just enrolled my client into it. Based on the valuations, they will tell us what incentive they will give. The property is worth 880k, so I hope the incentive is 30k. Plus my client gets the co-op funds as well. In his case, 3k.

May 25, 2012 07:13 PM #3
Rainer
130,376
Debora Nichols
Residential Sales, Purchases, Investors, Vacation Homes - Phoenix, AZ
Realtor Anthem,Phoenix,Scottsdale,Glendale,Peoria

Satar,  I hope all goes well for your client.  My understanding is that it is based on valuations as you mentioned.  The other key is that the money could be used for contributions to a second.

May 29, 2012 08:10 AM #4
Rainer
130,376
Debora Nichols
Residential Sales, Purchases, Investors, Vacation Homes - Phoenix, AZ
Realtor Anthem,Phoenix,Scottsdale,Glendale,Peoria

Hi Juli,  They just rolled it out last week.  I was introduced to it in a webinar that B of A held last week.  I don't think we will see much of it out our way unless it is in the higher end of the market.

May 29, 2012 08:11 AM #5
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Rainer
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Debora Nichols

Realtor Anthem,Phoenix,Scottsdale,Glendale,Peoria
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