Melissa Yardy St. Pete Beach A Distressed homeowner assistance program rolled out by Bank of America this week is one of the new innovations to help the homeowner and our economy. The new program offers relocation incentives–up to $20,000 to distressed homeowners who start the short sale process prior to November 30, 2011. As a real estate professional I believe that this can help thousands of families and homeowners who can demonstrate a verifiable hardship and provide proper paperwork to “unqualify” for the mortgage. This is a great stride in mending our real estate market. The next step is
for Bank of America customers who are in default and suggest they contact a Realtor to get started. It is almost required that a licensed real estate agent market the property to find a buyer in an “arm’s length
The term “arm’s length” is used to describe a real estate transaction in which the buyers and sellers of property or a parcel of land act independently and are not related to each other. The idea of an arm’s length transaction ensures the buyers and sellers in the real estate transaction are acting in their own self interest and are not subject to any outside influence. In a ‘non-arm’s length transaction their could be other factors that influence the transaction and subsequently the value of the exchange. This concept is important as it is a common way to determine fair market value.
For those that qualify for the program and will give hundreds of homeowners a faur start when starting over.
For more information on short sales, visit http://www.provenshortsales.com/
Read more: http://www.realestatewords.com/arms-length-purchase/#ixzz1aUuIpxxb that the owners use a licensed Realtor to find a buyer in a “arm’s length transaction.”