Top 4 Major US Lenders are now offering anywhere between $10-$35,000 as relocation incentive if the home owners agree to a Short Sale!! In the past we have been critical of banks with their insane moves, but given the fact that some San Jose home owners have been living without making any payments for the past 3 years; this is a smart move for all parties in the food chain. So, the answer to your question on how much you can expect to get is anywhere between $10,000 to $35,000 which in nothings to sneeze at.
The banks get ride of their non-performing assets without foreclosures and REOs while home owners can move on to rebuild their credit and life. And the market gets closer to a new normal where the banks no longer control the inventory and price of the Real Estate markets around the country!
And that’s exactly why we are advising our Short Sale clients to decline HAFA Short Sale as an option! The reason is very simple. HAFA (Home Affordable Foreclosure Alternative) Short Sales will only offer home owners $3,000-$6,000 when they Short Sale their San Jose home. In contrast, Top 4 major lenders including Chase, Citibank, Bank of America and Wells Fargo are now offering large sums in the range of $10-30,000 relocation inventive. So, there is no reason to elect HAFA Shor Sale as an option.
Even if have completed your bankruptcy and you still have an underwater mortgage it might be worth to explore some of the bank’s Relocation Incentives to Short Sale your San Jose home. Some lenders like Chase are offering $25,000 for Relocation. Wells Fargo Home Mortgage Short Sale incentive program is more conservative at $15-$20k which is still a substantial amount compared to HAFA Short sale relocation incentive.
This a golden opportunity to take advantage of these incentive since they might not be around in 2014. In addition, any such contribution might be subject to income taxes if Congress and State of California do not extend the Tax Forgiveness acts in affect in 2013.
Contact Us if you have any questions on your Short Sale.