Everyone has heard that under the the government’s HAMP and Home Affordable Foreclosure Alternatives program (HAFA) that homeowners can receive up to $3,000 in relocation assistance when they complete a short sale. Certainly this makes selling instead of just waiting for the sheriff to show up much more attractive. However, attorneys have recently come out in the news and announced that some homeowners are actually getting up to $20,000 from their lenders to help with their move when they do a short sale. So how can real estate investing companies capitalize on this?
Real estate investing companies should definitely be seizing on this opportunity to get more underwater homeowners to sign their contracts and give up their homes at attractive prices. There are many benefits for homeowners who opt for a short sale to avoid foreclosure. Unfortunately nothing works as well as or is as motivating as cold hard cash. With 5,10 or even 20 thousand dollars to walk away with homeowners can easily find somewhere comparable or even better to move to and perhaps even put some extra cash in the bank as a cushion.
A smart first step for real estate investing companies right now is to reach out to local real estate attorneys and agents who are achieving these kinds of payouts for their clients and seek to partner with them. Then if possible put together some type of cross promotion or enlist them as a strategic partner to help you get the word out inexpensively.
Remember, if you don’t tell people they won’t know. So make sure to include this information on your real estate investing marketing of all types and use it to generate more calls and hits on your website. Then re-approach some of the seller leads you haven’t been able to close so far and see if you can get them to pull the trigger now.