The expansion of the government’s Home Affordable program now includes a program that should help many sellers in distress and need to sell. If you’re behind in you’re mortgage payments, and/or owe more than you’re property is worth–the new HAFA program gives you an excellent alternative option to the typical shortsale process.
To qualify under Home Affordable Foreclosure Alternatives (HAFA), you must meet the eligibility criteria for the Home Affordable Modification Program (HAMP).
Typically on a shortsale, you have your home listed, and then once you get an offer, you start on a long process to negotiate with your lender. This process has many unknowns and usually is a process that takes 3-6 months.
With the HAFA program, you’re REALTOR can help you turn everything in to your lender before you list. Then the lender will agree to a list price before it goes on the market. You then have 120 days to get an offer on you’re home once you list. Then when you receive the offer, the lender will respond with in 10 days, and then it’s done and approved! In addition, there is the $3,000 in moving help that is available as well. Why should I consider a HAFA short sale?
Help you avoid foreclosure
Allow you to be “fully released” from any further liability on your mortgage
Provide financial assistance of $3,000 to help with relocation expenses
Once you recieve an offer, much shorter waiting period to get response and approval from you’re lender
Easier to plan for move and find a buyer for your home (since the approval happens before you list)
How Do I Qualify?
The eligibility criteria is based on the terms set forth under the government initiative. If you do not meet the eligibility criteria under HAFA, you may still be able to work with your lender on a short sale.
If you are in the Bellingham, Whatcom County, or North Skagit County area, and you are interested in discussing any of this, I can help you assess your situation to see if a shortsale or HAFA program is right for you. Whether this program is right for you or not, it is important to work with a REALTOR who understands the shortsale process and is knowledgeable about this new program. If you are in a different area, I can help you locate a specialist. Contact me here.
3959 Trickle Creek Blvd in Bellingham is offering a promotion that expires on August 9th! Just reduced to $316,000, plus offering a $4,000 bonus for this week only! This $4,000 can be reduced off the price, or go towards paying your closing costs.
This is a like-new 4 bed, 2.5 bath home with 2,086 sq feet.
It’s in the desirable Trickle Creek Neighborhood and it has possibly the best backyard setup in the neighborhood! They built an awesome back deck and gazebo and the backyard is fully fenced. The best part for me is the greenbelt back drop.
Give me a call at 360.920.5901 or contact me here if you’d like to see it. This is really a 1 week deal only!
As expected, May and June have both been slower than typical for this time of year, in large part because of the expiration of the tax credit. Pending sales were respectable (82) in June, but inventory of available homes for sale continues to rise. (see below)
With inventory rising, the supply of homes is increasing to it’s highest level in Bellingham since January. The current inventory level is 9.8 months–which means that for every 1 home that sold in June, there was about 10 for sale. Once the supply of housing rises into the 9 + month range, that indicates downward pressure on home prices.
The surprising statistic is the List Price to Sales Price Ratio, which is UP to 94% (see below). At the same time, the average dollar per square foot that homes have been selling for in Bellingham is down ($155 per square foot average). What that means, is that sellers had to be more aggressive in there price reductions to sell there home last month. Once a home was priced “right” buyers are showing a willingness to pay closer to asking price. But it’s easy to recognize that the bar has been rising on what buyers see as a “value” in today’s market.
With lower rates (under 5%!) and lower prices, I expect sales in Bellingham to improve slightly in July, but home prices will continue to stay soft in the short term.
It is still an incredible time to buy though, because what a buyer may hope to gain in lower prices, may be more than offset as interest rates rise. Remember that for every 1% interest rates go up, the buyers purchasing power reduces by 9%.
This is really beautiful home and property. Deming is located about 20 minutes east of Bellingham, WA off of the Mt. Baker Hwy. You feel like your in your own private Oasis on this big private lot, with a stream and waterfall. Every window of the house looks out to trees, and the home has been maintained in excellent condition. This is also a great home for someone looking for shop space, since there is an over sized detached 2 car garage, PLUS a separate workshop in the basement. The home list as only having 2 bedrooms, but has a huge basement that could easily be separated to create a 3rd bedroom and rec room. There is also storage space galore. Just overrall an incredible deal at this price, and unique property.
This is subject to shortsale. On my website, you can learn more about shortsales here. You can also email me direct with any questions about it paulbalzotti@johnlscott.com. Here is a video I made showing the creek and much of the homes features..
