NAHREP Short Sale Panel Event – Short Sale Incentives Update

NAHREP Short Sale Panel Event - Short Sale Incentives Update

NAHREP Short Sale Panel Event – Short Sale Incentives Update

Short Sale Incentives Update For Chase, B of A, Wells Fargo

In this ever-changing world of real estate, the information from last week may not be relevant or accurate this week. We attended the NAHREP (National Association of Hispanic Real Estate Professionals) Bay Area Short Sale panel overview in Oakland.

The event comprised a panel of  Short Sale Directors from Bank of America, Chase and Wells Fargo and included a lot of short sale and distressed info for struggling homeowners as well as agents. Because we gathered so much info, we will post today for consumers and tomorrow for agents.

The key takeaway for homeowners would be the updates for Short Sale Incentives.

Keep in mind that theses incentives can be offered on a case by case basis and depend on the investor, value and other factors.

Up To $45,000 in Seller Incentives

The Chase representative said that Chase continues to offer from $3000 to $45,000 in homeowner incentive for doing a short sale with the amount depending on the individual investor. We have heard of some $30,000 payoffs but these are rare.

Bank of America can offer $2500 to $30,000 for “proactive” short sales. B of A determines these short sales based on valuation and debt. Generally these incentives occur when a real estate agent initiates a short sale without submitting an offer. Homeowners can see if they qualify for hardship money by calling 877-459-2852. The B of A hardship money expires at the end of this year and may or may not be extended.

Wells Fargo offers $3000-$5000 for qualifying homeowners so their business model does not fit the same parameters as the other big banks in terms of hardship compensation.

These incentives should not be counted on when considering a short sale. Think of the incentives as a bonus if your short sale is structured and calculated correctly and goes through.

NAHREP Short Sale Panel Event – Short Sale Incentives Update

NAHREP Short Sale Panel Event – Short Sale Incentives Update

NAHREP Short Sale Panel Event – Short Sale Incentives Update

NAHREP Short Sale Panel Event – Short Sale Incentives Update

NAHREP Short Sale Panel Event – Short Sale Incentives Update

NAHREP Short Sale Panel Event – Short Sale Incentives Update

NAHREP Short Sale Panel Event – Short Sale Incentives Update

NAHREP Short Sale Panel Event – Short Sale Incentives Update

NAHREP Short Sale Panel Event – Short Sale Incentives Update

NAHREP Short Sale Panel Event – Short Sale Incentives Update

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4 Comments

Filed under Banks, California, Events, short sales

4 responses to “NAHREP Short Sale Panel Event – Short Sale Incentives Update

  1. Pingback: NAHREP Bay Area Short Sale Panel Overview In Oakland – Part 2 | Resource Blog

  2. Pingback: Bay Area August Home Sales Highest Since 2006 | Resource Blog

  3. Pingback: Time Running Out On Forgiven-debt Tax Break | Resource Blog

  4. Pingback: California Pending Home Sales Up In August But Down From A Year Ago | Resource Blog

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