Jim W. of Overland Park writes:
Q-“Martin, we’re short selling our home. We’ve come to understand there may be a moving allowance offered by our lender. What are the requirements? Do we apply? Are we eligible?”
A-Yes, as heard as it is to believe, Lenders pay a moving allowance for a clean, well-kept home.
There are several programs that offer a moving allowance. The HAFA (Home Affordable Foreclosure Alternatives) Program offers a moving allowance, based on the criteria outlined by the federal government. (Please see the link below.)
If you meet the guidelines, you could be eligible for $3500 and more, via HAFA.
There are programs offered by the specific lender as well. For example, Bank of America currently offers up to $2500 for participation in their short sale program. Again, you must meet all of the criteria to be eligible for the allowance.
Neither of these programs allows for negotiating the terms of any of the guidelines or conditions.
There are usually taxes owed on the allowance paid. The home owner pays them.
Jim, keep in mind, these allowances must be on all versions of the HUD that are delivered to the Lender. There are other procedural guidelines to meet as well. An experienced short sale Realtor will know how to get full value for you.
Q-“Martin, we’re short selling our home. We’ve come to understand there may be a moving allowance offered by our lender. What are the requirements? Do we apply? Are we eligible?”
A-Yes, as heard as it is to believe, Lenders pay a moving allowance for a clean, well-kept home.
There are several programs that offer a moving allowance. The HAFA (Home Affordable Foreclosure Alternatives) Program offers a moving allowance, based on the criteria outlined by the federal government. (Please see the link below.)
If you meet the guidelines, you could be eligible for $3500 and more, via HAFA.
There are programs offered by the specific lender as well. For example, Bank of America currently offers up to $2500 for participation in their short sale program. Again, you must meet all of the criteria to be eligible for the allowance.
Neither of these programs allows for negotiating the terms of any of the guidelines or conditions.
There are usually taxes owed on the allowance paid. The home owner pays them.
Jim, keep in mind, these allowances must be on all versions of the HUD that are delivered to the Lender. There are other procedural guidelines to meet as well. An experienced short sale Realtor will know how to get full value for you.
RE/MAX sells more homes than any other real estate company.
For a reason...should we talk?
Another blog post written by:
The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers.
Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
0 Comments
Thank You for commenting on our Blogger blog, http://OnlineKansasCity.Blogspot.com!
Just an FYI: Spam will not be published.