Sellers: How the HAFA Program can help with Short Sales
Posted by Mike Ciucci on
The Home Affordable Foreclosure Alternatives (HAFA) Program is a program designed for sellers that are upside down in their house. This program is for those folks that have contemplated selling their home as a “Short Sale” rather than allowing for foreclosure. So how does it work?
The benefit of this HAFA program is that you would no longer be responsible for the difference between what you owe on your mortgage and the amount that your home sells for. You see, in South Carolina, most banks would order a deficiency judgment against the borrower for the difference in what the home sells for, and what is owed. The HAFA program would be the contrary. Sellers would also receive $3,000 at closing as an incentive to selling as a short sale, as opposed to…
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PROPERTY DESCRIPTION: This classic Old Village cottage is practically new as almost everything is new down to the studs. The kitchen is new with granite, cabinets and stainless. The baths are redone with top end cabinets and new tile and fixtures. All the hardwoods have been impeccably refinished and the exterior has hardiplank siding, new windows, roof and it’s all a short walk to the Charleston Harbor, Old Village parks, the Mount…
Well this listing is definitely intriguing. It is an Island for sale on the Intracoastal Waterway (ICW) only a stone’s throw from Sullivans Island and the Isle of Palms. It is 120 total acres, and it is only listed for $199,000. Yes, you can own your own island for under 200K, with 1,800 feet of deepwater frontage on the ICW. A one minute boat ride to the Atlantic Ocean. After all, when buying real estate- it’s all about the location, right?
South Carolina housing officials have $40 million to help teachers and first responders buy a home! The State Housing Finance and Development Authority announced that this program will offer down payment assistance and low interest mortgages to teachers, firefighters, police and correctional officers and EMS workers who meet income criteria.
I just wanted to mention to all of you first-time homebuyers out there and others looking to take advantage of the tax credit. While there still is a little time left (59 days to get something under contract), I’m noticing something expected. A lot of the good homes are now being scooped up at an extraordinary rate. I was showing property to some first time homebuyers in Dunes West in Mount Pleasant, and in a couple of houses we saw other agents with buyers looking at the same houses we were. That hasn’t happened (like this) to me in quite some time. This is especially true in the $175-225K price range. A lot of the inventory of homes is being absorbed. Soon, the “stale bread” will be all that’s left. Make sure that if you want to take advantage…
Those out there that consistently make good money in real estate know the market. That’s why you see a lot of us Realtors purchasing real estate…simply because it’s what we do, every single day. We know the market. But you can also do most of this work as well. Almost everyone out there right now has access to the same information in the Charleston MLS as real estate agents do. Whether you’re looking on Google, Trulia, or my own Charleston MLS Search website, you have basically the same information that we do. Knowing the market before a good deal comes along is critical. Study it, live it, breathe it…so that you know a great deal when you see one.