Bank of America is offering a new strategy to distressed homeowners – immediate short sales.

Bank of America is offering distressed Florida homeowners a $20,000 incentive to short sale their homes – starting immediately. BofA hopes that by doing so, the number of foreclosure in the area, as well as the length of the selling process, can be reduced.

Short sales are an excellent option for homeowners wishing to sell their property and who owe more on their homes than the property’s actual worth. Short sales occur when a negotiation is entered into the homeowner’s mortgage company to accept less than the full balance of the loan at closing. A buyer then closes on the property and it is then ‘sold short’ of the total value of the mortgage.

It has traditionally been rare for banks and lenders to offer short sale incentives. However, recent volatile market changes have caused them to become more lenient in these transactions.

“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 of RE/MAX Prestige Realty in Palm Beach. “Isn’t it better to have someone taking care of the pool and keeping the air conditioner on?”

Homeowners wishing to qualify for a short sale must fall into any or all of the following circumstances: financial hardship, monthly income shortfall, or insolvency. Difficulty in paying mortgage fees is the primary constituent in qualifying for short sale programs.

According to the Palm Beach Post, BofA’s offer is only good to owners who submit their home for approval by the end of November and close the sale by Aug. 31, 2012. Other banks offer similar programs, though they are not widely advertised. If this incentive program turns out to be successful, BofA may potentially expand the program to other states as well.