The HAFA short sale program has been going “strong” in Ada and Canyon County for nearly a year now and there is still quite a bit of fuss about it. Guidelines have been modified a bit effective February 2011. But no real changes have occurred. So what exactly is all this fuss about?
Seller’s are excited about the possibility of receiving up to $3,000 back for completing a HAFA short sale, the bank has to agree to release the borrower from any further liability, and the bank cannot ask the borrower to contribute any cash at closing or require the signing of a promissory note. These are all really great for a borrower – no doubt – if they happen.
Real Estate agents and other mitigation companies in the Boise area are advertising the heck out of the program – generally this presents itself with some marketing material that tells homeowners in default that they can get paid up to $3,000 to complete a HAFA short sale – nice marketing hook.
Real Estate related “trainers”, real estate related associations, companies that sell designations agents can tag behind their names, market area short sale “experts”, etc. are marketing seminars, conference calls, manuals, training programs, three and four letter designations, etc. – nice opportunity to talk like an expert, look like an expert, and sell the image of being an expert.
So is HAFA fabulous or a flop? Word on the street is in a grand total of 661 HAFA short sales total were closed in 2010. For all the racket it seems to be a flop.
Kasey & John Boles
Jon Gosche Real Estate, Boise Idaho
Associate Broker, GRI, CRS, REALTOR®, ABR, ePRO, SRS, SFR
Search Like An Agent at kasey.BoiseMeridanRealEstate.com
This is not intended as solicitation if you are in contract with another real estate agent.