Did you know that banks are paying you to sell your house if you are in Short Sale situation here in the Wilmington NC area? Here lately we have been instructed by banks to add to the closing statement money going to the seller. It is not on EVERY transaction, however, it is a surprise that the sellers have really enjoyed hearing at the close of their home.
I will list below incentives that a few of our larger banks are able to offer:
Bank of America Cooperative Program: In this program, qualified households that participate in this short sale program will receive $2500 at closing.
HAFA: In this program, qualified households who participate in this program (which has both short sale and deed-in-lieu of foreclosure options) receive $3000 at closing. (Fannie Mae and Freddie Mac also participate in HAFA.)
Chase & Citi Bank: Both of these mortgage lenders are now sending certain borrowers letters offering them the option of participating in a short sale for a significant incentive (often between 20,000 and 35,000 dollars). Read the fine print on the offer and follow all of the rules in order to receive this incentive at closing.
Wells Fargo: Wells Fargo frequently sends borrowers letters asking them to participate in a short sale and offering an incentive in the letter. Sellers should read their mail and save the letter so that they can redeem the incentive at closing (usually between three and five thousand dollars).
Ocwen: Ocwen frequently sends borrowers letters asking them to participate in a short sale and offering an incentive in the letter. Sellers should read their mail and save the letter so that they ree and five thousand dollars).
Is this to good to be true? The Citi & Chase incentives seem a little crazy, right? I want you to know that we have recently had one of those banks ask us to put a $35,000 credit to the seller on the closing statement.
How do you know if you qualify? Many of the banks mail you these offers, unfortunately, many of these offers are never seen because the bank “stuff” gets thrown in the trash. With the current Short Sale Listings that we have here in the Wilmington area, you can bet your hard earned dollar we are asking to make sure that there is no money that is waiting for you.
We are offering at BlueCoast Realty monthly seminars to go over Short Sales, Modifications, Bankruptcy, Deed in Lieu and Foreclosures. In these seminars we work with attorneys to make sure you are looking in to your best possible options.
Our next Seminar is Saturday March 25 at 11am at our office on 575 Military Cutoff Road in Wilmington. I hope to see you there!
Written By: BlueCoast REALTOR Kirby Keene