The National Association of Realtors issued a press release today detailing efforts they are taking to help make the purchase of Short Sales less frustrating and problematic.
HAFA – Home Affordable Foreclosure Alternatives
HAFA is a Federal program with takes effect in April that is designed to help homeowners complete a Short Sale of their home when a loan modification is unsuccessful. The program aims to streamline the Short Sale process, and provides incentives to both the homeowner and the loan servicer. NAR has released a brochure about the HAFA program, and a HAFA Resources page on their website.
Short Sales Continue to Dominate Orange County Real Estate
Out of the over 8,100 homes for sale in Orange County, listed as “active” in the MLS, almost 2,300 are Short Sales. In addition, over 4,150 of the more than 6,700 homes in escrow are Short Sales – about two-thirds of all pending sales. In this market it is critical for buyers to work with a Realtor who is experienced in handling Short Sale transactions and can help ensure that a difficult process doesn’t end in the frustration of a foreclosure and lost deal.
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