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South Florida

BofA offers $20K to Florida short sellers

Bank of America is offering distressed Florida homeowners $20,000 to short sale their homes — immediately.

According to the Palm Beach Post, the offer is only good to owners who submit their home for approval by the end of November and close on the sale by Aug. 31, 2012. Bank of America hopes this will clear the glut of foreclosures in the area from a process that takes an average of 676 days in the state.

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“This might be the banks finally waking up that they can have someone in there with an incentive not to damage the property,” said Realtor Shannon Brink, a Realtor with Re/Max Prestige Realty in West Palm Beach. “Isn’t it better to have someone taking care of the pool and keeping the air conditioner on?”

The Post said other banks offer similar programs but do not widely advertise them, something Bank of America has declined to do as well. BofA could expand the program to other states if it proves successful. [PB Post]

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BanksShort Sails