Banks are now Offering Cash Back Incentives up to 1% of the Sale Price.

With 10's of Thousands of notices of default each month in California, now more that ever the real estate industry is in need of an alternative to  Foreclosure.  Responding to the call of the National Association of REALTORS, the Obama Administration has announced incentives and uniform procedures for short sales under its new Foreclosure Alternatives Program (FAP). 

The Foreclosure Alternative Program (FAP) also offers financial incentives to banks, servicers, and homeowners as outlined below:

• $1,000 for servicers for successful completion of a short sale or DIL;
• $1,500 for borrowers to help with relocation expenses; and
• up to $1,000 toward the cost of paying junior lien holders to release their liens (one dollar from the government for every $2 paid by the investors to the second lien holders).  

The FAP program also contains other terms and conditions applicable to the Banks, Servicers and homeowners as follows: 

1. Servicers or Banks must determine if a short sale is appropriate, before they can proceed with a Foreclosure. 
2. Banks or Servicers may not charge fees to borrowers/homeowners for participating in the FAP.
3. In the Short Sale Agreement, servicers must give borrowers/homeowners at least 90 days to market and sell the property, or up to one year, depending on market conditions.
4. Property must be listed with a licensed real estate professional and no foreclosure may take place during the marketing period (at least 90 days) specified in the Short Sale Agreement.
5. Property Valuation must be conducted by an Appraisal or Broker Price Opinion (BPO).
6. Banks or Servicers will independently establish both property value and minimum net return to the bank, in accordance with investor requirements.
7. The price may be determined based on an appraisal or one or more broker price opinions (BPOs)  

In addition to the federal government incentives listed above, many banks and mortgage services are adding additional financial incentives to homeowners.  We have been successful in negotiating up to a 1% of the sale price cash back incentives to homeowners for cooperating with a short sale. These incentives are paid by the mortgage bank, through Escrow at the close of the short sale transaction. 

Negotiating short sales requires committed full-time expertise.  At Short Sales ASAP, all short sale packages go through a very meticulous screening and preparation process, twice for accuracy. Your short sale package is only submitted to the Bank(s) when it meets our standards and has the greatest chance for approval. Our full-time Negotiators have developed a far-reaching network of contacts consisting of mortgage companies, banks, Attorneys and realtors. The strength of our experience, knowledge and relationships is invaluable when it comes time to successful short sale negotiations and potential cash back rebate from the Bank. 

Please give is a call TODAY, so we can begin to help you TOMMOROW. Call us at: 888-201-7066 we are easy to talk too, or drop us an email at: Info@ShortSalesASAP.com , or Text Message at: 949-254-4775. We'll keep the conversation and your situation in our strict confidence. 

Click Here to View the Full Sized image of the below sample of one of the 1% "Cash for Cooperation" Letter that we Negotiated for one of our Cleints with Wahchovia Bank.