Bank of America Short Sale - I've done quite a few short sales with Bank of America and I have to say, they are getting better. Practice makes perfect, or better at least. One thing they are doing is being more pro-active. Last week Bank of America sent an email telling real estate agents to educate our clients on short sale benefits. They are also recommending to start now and not wait until an offer is received. I've notice that Chase is doing the same and being very pro-active which makes the Short Sale process better.
Benefit 1 - Pause in the foreclosure process - Often when the bank is aware that we are actively marketing a home and working on a short sale, they will pause the foreclosure process. After all, they really don't want the house back. Although, that could be argued based on the actions of some of the bank personnel we have come across in the past.
Benefit 2 - Up to $3,000 in relocation assistance for the homeowner - Note that they say up to $3000 in relocation assistance for the homeowner. Just recently, Bank of America offered $2500 for one of my clients who hasn't lived in the house in years. That one was used as rental property.
Benefit 3 - Deficiency waivers that provide peace of mind - If you are given a deficiency waiver, the bank will not come after the homeowner for the difference in what is owed and what the house sells for. A foreclosure in Georgia still leaves that open.
Benefit 4 - An upfront agreed upon price - I was truly surprised when Bank of America contacted me and told me to reduce the list price on a home by $60,000! The price we had listed it was in line with the comparable sales in the neighborhood. The reduction was part of their upfront agreed upon list price with the investors. That price reduction generated 14 offers within days and a contract price substantially above the list price.
Homeowners can also begin the short sale process with Bank of America by calling 1.866.880.1232 to speak to a Bank of America short sale specialist. Remember when you sell your house as short sale, real estate fees are paid by the bank. There is no out of pocket expense to the home seller.
If you are considering a Smyrna GA short sale contact me, Jen Bowman, Keller Williams Realty Cityside at 404-456-5024. If you are selling a home outside of metro Atlanta and need a referral to a short sale specialist in your area, feel free to contact me.
Search for Homes in Cobb County, GA including Smyrna, Vinings, Marietta, Acworth, Powder Springs at www.HomesforSaleinCobbCounty.com.
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Realtor Jen Bowman has been featured on HGTV's My First Place, HGTV's Buying and Selling 20 Best Kept Secrets & Inman News - where real estate and technology connect. She is a proud member of Keller Williams Realty Atlanta Partners Agent Leadership Council. Jen is also a member of Keller Williams Realty Luxury Home Division, catering to luxury home buyers and sellers. Call or text 404-456-5024 today to get started buying your dream home in Dekalb or Cobb, selling your current home in Dekalb or Cobb, or learning more about an awesome career in real estate.


















