NAR offers tools to relieve short sale stress
WASHINGTON – Feb. 22, 2010 – According to the January Realtors® Confidence Index, buyers continue to be discouraged with short sales, resulting in foreclosures that could have been prevented.
“Our members report that short sales are often riddled with delays and red tape,” says National Association of Realtors® (NAR) President Vicki Cox Golder. In response, NAR has created tools to help Realtors understand new laws created to simplify short sales.
The new laws, effective April 5, 2010, implement the U.S. government’s Home Affordable Foreclosure Alternatives Program (HAFA), designed to help people who cannot be helped under the existing Home Affordable Modification Program (HAMP) by simplifying and streamlining the use of short sales and deeds-in-lieu of foreclosures. To participate, homeowners must meet certain requirements; if so, both homeowners and servicers qualify for incentive payments.
To help Realtors® understand HAFA and its guidelines, NAR released a brochure about the program and it offers additional resources online, including government forms and guidelines, a video explaining the guidelines and a list of frequently asked questions.
“The new guidelines and incentives as part of HAFA are a crucial step towards reducing problems with the short sale process, and Realtors are ready to help make this new program a success,” says Golder.
In addition to its resources on HAFA, NAR launched a Short Sales and Foreclosures Certification Program in August 2009. The SFR program is offered by the Real Estate Buyer’s Agent Council of NAR and includes training on how to manage short sale, foreclosure and real estate owned transactions.
The NAR short sale information is available on its website at:
© 2010 Florida Realtors®