Maine short sale specialist | Marty Macisso | Bank of America $30,000 relocation assistance

Maine short sale specialist | Marty Macisso | Bank of America $30,000 relocation assistance

Maine short sale specialist | Marty Macisso | Bank of America $30,000 relocation assistance

BofAmerica has lately made some more news by announcing a brand new program for homeowners on the verge of foreclosure, the program is known as a Co-Operative short sale. This foreclosure alternative is declaring to provide cash at closing between $2500 to $30,000 for sellers who willingly participate.

Yes, that is $30 THOUSAND dollars in a transaction. That seems like quite a range in relocation payments and as always with Bank of America  , “Certain limitations apply” and “based on individual house owner qualifications” however, this is still a move in the right route for homeowners who are considering a Maine short sale alternative to foreclosure.

A major difference to traditional short sales is the seller must initiate PRIOR to getting an offer. Bank of America is selectively reaching out to certain homeowners already behind on their mortgage and in some early stage of foreclosure and educating them on the new process. It is up to the seller to contact a Maine licensed realtor who specializes in short sales before the process can be initiated. The short sale specialist will know how to explain the details of the short sale process, including the needed income documents and the appraisal process. Of course, as soon as Bank of America short sale department completes their appraisal they will require the seller to place the property for sale on the Maine MLS.

The appraiser will then contact either the owner or the selling Maine Short Sale Professional selected by the owner to list the house or house in the marketplace and procedure their brief purchase. The advantage to all events in this system is the lender will provide the Short Sale Professional and house owner a “preapproved brief purchase price” that the broker can industry to the globe by placing this on the Maine MLS.

The heart of all short sale offers includes the big concern level at plenty of duration of posting a brief purchase provide, as no one really knows what the loan companies reaction to an provide and plenty of a chance to reply is going to be. In having a number advance, they have taken a lot of the think perform and concern out of the procedure.

Of course, what if the evaluator does a bad job in identifying the industry value, after all this must be an As-Is value. So it is important to perform with a Maine Short Sale specialist who knows the procedure of working with appraisers and assessment divisions.

Contact me today to discuss this program and how it applies to your situation!

Maine short sale specialist | Marty Macisso | Bank of America $30,000 relocation assistance

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