Short sales have become a much more common part of my daily life. My buyer clients always seem to have their eye on a short sale property. Most of my seller clients these days are needing to do a short sale of their home. My leasing (landlord) clients are holding onto their properties because selling right now would mean a short sale. My other leasing (tenant) clients often are recovering from a short sale they just did.
It’s been an absolute necessity for me as a REALTOR to embrace today’s market that is seemingly filled with short sales in just about every neighborhood. Therefore, keeping up with the latest programs and opportunities for homeowners out there is a must for me.
Last week I officially became “HAFA Certified”, which basically just means that I took the required coursework and tests that covered HAMP, HAFA, and short sales in general. It’s not a requirement in order for a REALTOR to represent a homeowner for a short sale, but it gave me some more background, resources, and reinforcement on specifically the HAFA program that homeowners can potentially participate in if a short sale is in the cards for them.
Fortunately I was able to complete a HAFA short sale for a past client of mine earlier this year. See my previous blog post here about it.
So what is HAFA? Well, for starters, it stands for Home Affordable Foreclosure Alternatives. It’s part of the Making Home Affordable program that was launched by the Obama Administration in early 2009. It’s yet another way for our government to help distressed homeowners in hopes of eventually creating stability in the housing market at some point down the road. For homeowners who decide to pursue a HAFA short sale, if they are deemed eligible, they can potentially benefit by avoiding foreclosure, having their mortgage debts forgiven, receiving $3,000 in relocation assistance upon close of escrow, and getting pre-approved terms for their short sale prior to listing and marketing their property (i.e. less waiting around for bank approvals). For more details and info, you can refer to this site here about the HAFA program for short sales.
If you have any questions or comments, please feel free to contact me.
NOTE: Neither I nor my broker, Realty ONE Group Inc., is associated with the government, and our services are not approved by the government or any lenders. We cannot guarantee that we can successfully execute a short sale for you. I cannot provide any tax or legal advice regarding short sales or real estate sales in general. Please make sure to consult with an attorney and/or tax advisor whenever considering any real estate transaction, including short sales.