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Personal Finances / Buying or Selling a Home
|Subject: Re: Another Underwater Thread||Date: 2/8/2013 7:44 PM|
|Author: CCinOC||Number: 124716 of 127868|
Also, to CCinOC- would you mind explaining the idea of "short sale incentive"? I'm afraid I'm missing it.
Many lenders are PAYING homeowners to move out of the house to allow for a short sale. Yup--at the close of escrow, a distressed homeowner can receive up to $45,000 as an incentive to avoid foreclosure.
There are articles all over the internet about this phenomenon. Short sale incentives are no urban legend.
The booty has increased to $45,000.
You need to find a real estate agent who knows about this, as the incentive must be built into the contract that is submitted to the shorting lender.
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