Distressed homeowners in El Dorado County can now take advantage of historically unprecedented cash incentives to sell the home they can’t afford. Because of the unique nature of today’s market, new bank and government programs pay relocation incentives to homeowners who undergo a foreclosure alternative — most commonly short sales.
“For the banks, this is a case of simple math,” said Jody Durket, Intero Real Estate, CDPE & HAFA. “The costs incurred in a foreclosure include maintaining the vacant property and advertising the property themselves. Typically, the home sells for less than it does in a short sale. Because of this disparity, most major banks offer thousands of dollars in order to entice distressed and underwater homeowners into proactively seeking a solution.”
Bank of America, Chase, Citibank and Wells Fargo all offer thousands of dollars in cash incentives, and some amounts can go as high as $30,000.
“The great part about this for homeowners is that a short sale often ends up being better on credit reports than a foreclosure, so receiving cash is just a bonus they receive for engaging in a solution that helps them out in the long run,” Durket explained.
Durket has developed a free report entitled “Short Sale Incentives: Why the bank will give you cash to sell the home you can’t afford” accessible from her website, JodyHelps.com.