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Tampa Real Estate News: BOA Offers Short Sales Incentives

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Bank of America is currently offering homeowners up to $20,000 to short sale their home rather than let them go into foreclosure. A short sale is when a bank agrees to accept less than is owed on the home. Tampa home owners seeking a short sale must be approved by Bank of America and applications must also be submitted before the end of August 2012. This new program is actually being tested here in Florida, and if it proves successful it will be implemented in other states. One part incentive, and one part “bribe,” this program ensures a speedy exit for the homeowners and just as important, a home that is left in good condition.  Unfortunately, many homeowners have been taking out their frustrations on the bank, often causing thousands of dollars worth of damage to the home before their departure.

While some may scoff at this program, especially homeowners who continue to live in their homes and pay their mortgage (regardless of being underwater or not), it ultimately will help shed inventory. As of last month, the Tampa area had a little over 5 months of housing inventory on the market. While it’s true that Bank of America is primarily concerned with clearing their books, not necessarily aiding in our real estate recovery, keeping homes from going into foreclosure does benefit everyone. With the current backlog of foreclosures in Florida, the process can take up to two years to work through the courts. This is both costly and also means discounted properties can be dumped on the Tampa Bay real estate market for years to come. The short sale option is quicker, less costly and not quite as devastating to our market.

A short sale alternative will avoid the property being tied up in the courts, and won’t be as destructive to valuation as a foreclosure.  However, there is still a more effective way to solve this problem. Either offer a lower interest rate, or rewrite the loan to match a price the home owner can afford. This option allows home owners to keep their home, neighborhoods to retain their value and unclogs our courts. Allowing more homes to go into foreclosure only pummels an already downtrodden market and drags out our recovery.

When listing or buying a property it is essential to have a Realtor who knows the community, understands the Tampa real estate market and can price a home correctly. If you are interested in buying or selling real estate , I would love the opportunity to work with you. Please call me 813-924-4468 or email me: Jason@jasonbealsells.com