Big Banks Offer BIG Incentives

What would it take to get most homeowners to move out of their house if they owed more on the house than what it’s worth AND they couldn’t make the mortgage payments? Of course, short of a wrecking ball or bulldozer! Would money talk? Would $35,000 get you going on a short sale? And avoid foreclosure?

Remember “cash for keys?” Big banks – Chase, Bank of America, CITI and others – are upping the ante by now offering cash for delinquent homeowners, not to move out, but to stay and participate in a short sale. They’re a bit tightlipped on the details, but several aspects of their programs are clear – especially the reason behind them.

Banks are literally throwing money at homeowners to short sale and prevent foreclosure and, surprisingly, it works out for all involved. Historically, the banks have had a terrible response rate from their homeowner outreach programs. Now they are wise to getting the agent and the homeowner on board by offering cash incentives for a successful short sale. The listing agent might even receive a cash bonus as well – some lenders are rumored to be paying a $1,500 bonus to the agent at the close of escrow. You want even better news? These short sale transactions tend to be quicker and more streamlined! Most can even be wrapped up – from start to finish – within 90 days, minus the hiccups of most short sale transactions. For the bank, this represents a significant savings of time and labor. The typical foreclosure remains on their books for an average of 318 days, according to RealtyTrac.

At this time, this is no way to directly request these large Non-HAFA incentives. In fact, banks are holding their incentive criteria close to the vest. Most of the information we have on how much the banks are offering is from our personal experience by helping our clients who have actually received the offer. Our suggestion is to pay close attention to any mail that is received from the mortgage lender/servicer. The incentive letters look very much like form letters and homeowners are naturally distrustful of their contents.

The amount offered varies as well; the highest amount offered that’s been documented is by Bank of America, at $35,000. The least amount offered comes from HAFA, the Fed’s foreclosure avoidance program, at $3,000. The rest fall somewhere in between: Wells Fargo and JPMorgan Chase offer between $10,000 and $20,000; while Citibank, not forthcoming with their incentive amount, is rumored to be offering $12,000, according to


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Need Help with a short sale or want to speak with an expert to prequalify a new listing? Let us help you “put the short back in short sale”. The Short Sale Experts, Inc. Negotiation Service for Agents is designed to help you close your short sale transaction in the shortest time possible, with the fewest hassles. We handle all of the time-consuming negotiations with lenders, freeing your time so you can continue to prospect and build your business.

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Real Estate Specialist, 30 Years, San Diego
“Short Sale Experts, Inc. is hands-down THE BEST Short Sale negotiation company in California! They have helped me close my transactions quickly and professionally. Their team works directly with your clients, and keeps them informed from the day they receive the Short Sale package. I have tried working with other negotiation firms in the past, and have hit everything from roadblocks to unethical dealings. By placing your transactions with Short Sale Experts, Inc., you can rest assured that you will receive honest, ethical, and professional service for an amazingly low price.”
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Broker / Owner of SoCal eRealty, Banker’s Hill, San Diego

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Short Sale Experts, Inc is making it easy for you to earn extra cash by helping your friends and colleagues close more short sales! For the first time, we are introducing our Friends and Family program. From now until the end of this year, when you refer a licensed agent to our services you can get paid when their short sales close. It’s easy to get started and best of all, you get to help a fellow Agent close more short sales and make money doing it!!



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Short Sale Expert

Encore Real Estate Group
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925 B Street Suite 102
San Diego, CA 92101

Phone: 1-888-746-7820