Tampa Bay Area Home Sellers

-
Relief with HAFA Short Sale Program!

Real estate and home sellers! Help is on the way! The 2009 First-Time Home Buyer Tax Credit and the Move Up/Repeat Home Buyer Tax Credit have been wildly successful programs that were specifically designed to help those who wished to buy a home. With all of the programs designed to help home buyers recently, many may be asking what about help for home sellers? Certainly sellers are in need of some long overdue relief as well. The Home Affordable Foreclosure Alternatives (HAFA) program may just be that long awaited help that sellers have needed for years.

According to the National Association of Realtors® article Home Affordable Alternative Program (HAFA), ”In 2009, the Treasury Department introduced the HAFA program to provide a viable option for homeowners who are unable to keep their homes through the existing Home Affordable Modification Program (HAMP). The HAFA program takes effect on April 5, 2010—although some servicers may implement it sooner, if they meet certain requirements--and sunsets on December 31, 2012.”

This program provides incentives related with a short sale or a deed-in-lieu of foreclosure (DIL) in order to avoid actual foreclosure and the credit chaos, financial and emotional stress that follows. These incentives apply to sellers who are eligible for modification under the Home Affordable Modification Program (HAMP). The article adds that the HAFA program compliments HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but for a multitude of reasons and circumstances cannot keep their home, maintain their mortgage and sell their real estate in a conventional manner.

Struggling home sellers and their realtors frustrated by the confusing, long and involved process of short sales now can look to guidelines implemented to help streamline this process, and give incentives to the seller for taking this course of action. Did you know some incentives include $3,000 for borrower relocation assistance, and $1,500 for servicers to cover administrative and processing costs?

This should absolutely help speed up this dreadful process. In the past, sellers have often listed their homes without having negotiated the terms of the sale price with their lender, often times leading to disappointment for all parties concerned. An additional positive to this equation is that agents and buyers will be “less likely” to avoid short sale listings like the plague, making it “more likely” the sellers will get their homes sold…finally!

This is certainly good news for home sellers in the Tampa Bay area and across the country. Sellers should learn about these options by talking with their real estate and financial professionals to see if they qualify. There is a light at the end of the tunnel.

Comments

Post a Comment

Popular posts from this blog

Featured Community of the Week – Beso Del Sol in Dunedin, Florida

-
Image
Can you imagine waking up each morning to a majestic view of the sparkling Gulf of Mexico waters? This all-inclusive resort condo community in Dunedin, Florida provides a perfect waterfront retreat. Situated directly on the Gulf, panoramic waterfront views overlook the St. Josephs Sound and Honeymoon Island, creating a tranquil setting that is far from the ordinary. Condo and community features include: · Fully furnished, all-inclusive studio, one and two bedroom units · Flat panel TV’s, stainless steel appliances, and granite countertops · Two waterfront heated swimming pools and hot tub · Fully-equipped fitness center and bicycle rentals · Onsite property management and housekeeping · Boat slips · All utilities included in HOA fees · Castaway Tiki Bar onsite with weekly entertainment Beso Del Sol Resort offers three wonderful floor plans to choose from with prices starting in the mid $100,000’s. Whether you are looking for a real estate investment, weekend retreat, vacation property...
Read more

Real Life Real Estate...New Construction vs. Foreclosure

-
Image
A hot topic for potential homebuyers is, should I look Foreclosures, existing older homes, or New Construction? The hype lately seems to be on Short sales and Foreclosures. Bank owned properties are being snatched up by cash investors and we hear of bidding wars everyday in Tampa over bank owned properties. Investors have money to spend, and no desire to occupy the property personally, they can fix any issues that arise with no problems. It is very enticing for a buyer to see large discounts foreclosed and short sales but what else does a buyer need to consider when deciding on purchasing a home? SI Real Estate has helped three clients purchase a new Construction home in the last two weeks. What made these buyers decide purchasing a new home was better than foreclosure and existing home options? There is a great website being advertised by Lennar homes, “Buying a New Home vs. a Foreclosed Home” . This website highlights advantages of purchasing new construction. Buyers need to cons...
Read more

Tampa Real Estate Hot Topic: Mortgage Rate Predictions for 2013

-
Image
Last week we discussed the importance of understanding the effects that rising home prices have on mortgage rates and the buying power of consumers in the market to both buy and sell.   The recent mortgage rate activity has caught the attention of the nation, and of course our local Florida real estate market.     Since May 2013, the average rate on a 30-year mortgage rose from approximately 3.3% to 4.87% according to Freddie Mac.   Executive vice president of McCue Mortgage, Kim Neilson, states that the market hasn’t seen an increase of this magnitude in years.   Despite the recent jump, however, rates are expected to remain steady between 4-5% throughout the remainder of 2013.   There are two main reasons for this situation on the market. Firstly, the Federal Reserve chairman Fred Bernanke indicated in mid-June that he might slow down the purchase of mortgage-backed bonds. These were designed to strengthen the secondary market for lenders and ...
Read more