Have you been sitting on the fence about selling your Destin or Santa Rosa Beach Florida property as a short sale? Now may be the time to act. Bank of America has just announced that Florida sellers may be able to receive $5000 to $20,000 cash incentive at closing for completing a short sale. There are existing Bank of America programs that pay sellers $1500 to $3000, but this move is unprecedented. To qualify, you’ll need to initiate your short sale prior to getting a contract on your Destin or Santa Rosa Beach home.
Apparently, Bank of America is enhancing its offerings to exceed federal HAFA guidelines, which currently suggest a $3000 relocation incentive to the short sale seller, and its own Co-op Program, which pays less. They are only offering the incentive to eligible Florida sellers before they get a contract at this time, but hint at future program changes
Some loans don’t qualify for the program – VA Compromise Sales, Ginnie Mae, FHA and USDA, lot loans and others. If you own a property in Destin, Sandestin, Santa Rosa Beach or surrounding towns, have a Bank of America mortgage and need to short sale, the time may be now. So get a Destin short sale agent on your side, and maybe get some cash. The deadline is November 30.