Cash at Closing? Who can get this? Will you get it?
Only Some Banks across America are offering homeowners CASH at closing. Anywhere from 2,500- 35,000! Who gets this incentive? WHY?
Now Bank of America has publicly offered homeowners between $3-$30,000. Chase Bank is also giving sellers incentives up to $35,000 for qualified short sales.Why do banks give this much money to homeowners? Because believe it or not it is cheaper for them to give them an incentive to sell quickly, than drawing out a non-performing loan for months or even years.
So many banks have gone under because they would not work with homeowners soon enough or did not have the assets to lean on for long term losses. Banks finally got the message that it was far better to work with a distressed homeowner than to just take the non-performing asset back. Now they are sending homeowners pre-qualification letters to short sale and incentives have reached homeowners at closing. This program seems to be very successful at the moment. I am looking back seeing how far we have come in the short sale business and banks are catching on to the recovery bug. Recovery always starts with the homeowner and their needs. When the American homeowner starts recovering, then AMERICA starts recovering.
Many homeowners and agents are wondering how much they will receive at closing and the answer is: "it varies from home to homeowner" It really depends on the amount the home appraises for and compared to the loss from the investor. The less the investor loses the more the homeowner gets at closing.
Can you qualify even if you had a bankruptcy in the past. Yes you can still qualify for a co-operative short sale or Cash incentive short sale from either bank.
Wells Fargo, First Horizon, Citi Mortgage and other banks still do not participate in these pre-approved short sale programs, but i would guess that Wells Fargo would be the next one on board to start that same type of program in the near future since the hold on bank owned homes will be for some time still.
My opinion is if your bank is offering it to you, take it and run with it! It will not be there forever, just like anything else the government has ever offered. Its here today and gone tomorrow!
Your Short Sale Specialist- Stacie MacDonald