I am seeing a few; I said a few; homeowners get checks for as much as $30,000 at the close of escrow for short selling their home. That’s correct, $30,000 if the homeowner agrees to a short sale.
Why on earth would a bank pay someone and take less than the amount of the existing loan? It’s like hitting the lottery for a homeowner that’s underwater.
I’ve tried to find out how a homeowner gets selected for that program. After much reading and research, I have found an answer.
The answer is…..it’s a secret. That’s right, it’s a secret. No one will say how the selection process works for getting cash back when you short sale your home.
That only leaves us to speculate why such large amounts of cash are being paid, but only to selected short sellers.
Hum?? Could it be that the bank can’t find the paperwork that would allow a foreclosure to be completed? Is that why the bank called with a very generous cash offer for the homeowner’s co-operation in a short sale?
Don’t tell anyone what I am thinking, “It’s a secret!”
Garey
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