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Short Sales in CT > Blog > Bank of America (BOA) ShortSale Incentives up to $30,000 & Chase Short Sale Incentives up to $35,000

Bank of America (BOA) ShortSale Incentives up to $30,000 & Chase Short Sale Incentives up to $35,000

June 5, 2013

     If you have a Bank of America (BOA) mortgage or a JP Morgan Chase mortgage and have been researching into the short sale of your home, you may have heard that they are offering borrowers short sale incentives up to $30k (BOA) and $35k (Chase) for completing short sales.

     This is all 100% true, however, those eligible still remains a mystery and appears to be an internal computer 'lottery' based on the mortgage, insurer, investor and other possible random data.  To be eligible for these large incentives, the lenders typically want the seller to initiate the short sale process prior to receiving an offer, and allow them (the lender) to value the property and set the list price.

     While much is unknown about the selection process, two things are known for sure:
  1. You CAN NOT request or negotiate these incentives.  They are totally random and the lender will let you know if your short sale will include an incentive, even if you don't ask.  So anyone claiming to have negotiated this incentive on your behalf or anyone elses behalf is not being truthful.  (i.e. "SURPRISE YOU WON THE SHORT SALE LOTTO!")
  2.  The sale price of your home has no influence on the incentive given.  For example, a $75,000 sale could generate a $35,000 short sale incentive from Chase, where as a $300,000 sale could only generate a $4,569.75 incentive.
  3. Whether or not the borrower has relocated from the residence has no effect on their eligibility for the bonus incentives (however, it may effect any additional relocation incentives).

     Keep in mind that those not eligible for the bonus incentive (for BOA borrowers this is known at the 'National HIN Incentive'), they are usually eligible for a $750 to 1,000 incentive on FHA loans or a $2,500 to $3,000 incentive for standard and Freddie Mac/Fannie Mae loans.

     If you are considering short selling your home in Connecticut (CT), or just have short sale questions.  Please feel free to contact me at your convenience.

Thank you,
     Phil Zimbardi
     Real Estate Broker
     Short Sale Specialist

     TOP END Properties

     Phone: 203-936-7776

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