How Does Bank of America calculate their relocation money for Silverado Ranch, Las Vegas Short Sales in Las Vegas, Nevada For Sale

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Bank of America has two programs they offer that can put money in a seller's pocket upon a successful close of escrow with a short sale. The two programs are HAFA and CO OP. So a question I get a lot, as a short sale specialist is how does Bank of America calculate how much they pay. I have found a site that is Bank of America's that describes the steps they use to calculate the amount you get:
click here to see website: Bank of America
The relocation assistance payment is calculated based on the appraised value of the homeowner?s property. With a Home Affordable Foreclosure Alternatives (HAFA) Short Sale the total amount will be no less than $3,000, but no more than $30,000. With a Cooperative Short Sale, the total amount will be no less than $2,500, but no more than $30,000. If the property is the principal residence of a tenant or other occupant, the occupant may be eligible to receive $3,000 of the relocation assistance. If you are eligible for an amount above the $3,000 HAFA relocation assistance, the additional amount will be paid to you. The payment will be delivered at the time of closing if the homeowner complies with all terms and conditions of the Short Sale Agreement, which include but are not limited to the following: a full walk-through appraisal must be completed and you must satisfy all junior liens and provide clear title for the property (the relocation assistance payment can be used to clear those liens). If you are still responsible for a deficiency balance after the sale, you should be aware that this relocation assistance will increase that deficiency since it reduces the amount available to apply towards your mortgage debt. If the homeowner does not comply with all terms and conditions of the Short Sale Agreement, you will not receive the relocation assistance payment. The amount of any relocation assistance will be reported to the Internal Revenue Service (IRS) on the appropriate xxxx Form or Forms. We suggest that the homeowner contact the IRS or your tax preparer to determine if you have any tax liability. In order to receive the relocation assistance, the property must close by September 26, xxxx.
Amanda Brown
Platinum Real Estate Professionals
702-496-xxxx
brownnvrs@gmail.com
lasvegasshortsalesnow.com