October 2013

Yes. That was offered to one of my clients. We sold this lovely woman's home in the Seattle area as a short sale (for a price short of what she owed her bank) and not only did the bank forgive the remainder of her debt at no cost to her - free and clear - they offered $10,000 at close for relocation assistance. Thank you, Bank of America.

Bank of America participates in a government program called HAFA. Home Affordable Foreclosure Alternatives. Now, before you get too excited and go to the HAFA LINK, be aware that they also extend another "opportunity". This other alternative is to do a Deed-In-Lieu of foreclosure. Believe me, that is not the most beneficial option when you have the opportunity to sell. It is merely a voluntary foreclosure and you must

First let me tell you why this is a must know word. The BPO is just one factor that determines the fate of your short sale most of the time.

For those unfamiliar with short sales - first understand this is the way you sell your home for less than, or "short", of what you owe on your mortgage, but only with the permission of your mortgage lender...or whoever they end up selling your loan to.

Since the short sale seller owes their bank, normally a large chunk of money, and is asking the bank or lender to forgive that debt, the lender takes the seller and that transaction through a rigorous course in "Why Should We Let You Off?" Part of this course is the lender sending out a Real Estate Broker to assess the value of the property. They are not formal