Selling Archives - Calhoun Team of Pretty Home Realty

What is HAFA

Teacher others the definition of HAFA that are residents of Lathrup Village, Beverly Hills, Birmingham, Southfield and other cities in Michigan

Home of Foreclosure Alternatives (HAFA) is involved with the federal government’s making Home Affordable Programs. With HAFA, Bank of America can decide an accurate list price and will pursue for improvements before you even list the property or to get an offer. If you want to move to a more affordable home because you can’t afford your current mortgage payment, then HAFA is just for you. HAFA gives you a couple of options when it comes to transitioning away from your mortgage: a short sale (or others may prefer as a Deed-in-Lieu (DIL) of foreclosure) is when a person sells their home for less than they owe on their home mortgage to avoid home foreclosure. As for DIL, the mortgage company gives you an opportunity to return the title, transferring the ownership back to the mortgage company.

You MUST have one of the following to Qualify

Fannie Mae or Freddie MAC isn’t going to generate your loans
Your mortgage was taken out before January 1, 2009
You missed payments of your current mortgage or you’re not sure that you will fulfill payments of your current loan in the future
If the amount of your first mortgage is either the same or less than:

$729,750 for a single home, $934,200 for a 2-unit property, $1,129,250 for a 3-unit property or $1,402,400 for a 4-unit property

That you are encountering a hardship such as loss of income, medical bills, or a divorce
The property has not been convicted
The corporation, partnership, or other business entities does NOT own your mortgage
You have one of the following hardships:

Your property loan to value is higher than 100% (That your loan cost more than the property value), you have NOT bought any property for the last 12 months, your FICO (Fair Isaac Corporation) credit score is below 620 for the last 10 years, and you have NOT been condemned for felony larceny, theft, fraud, money laundering, and tax evasion that’s connected to a mortgage or any transaction in real estate.

HALT! Did You Know?

Based off the basic requirements, Bank of America will also need an approval from the owner of your loan or the company that’s managing your mortgage. Each owner has different requirements. The guidelines may also differ if you have mortgage insurance on the current loan.

The HAFA Benefits of a Favorable Transition

HUD (recommended housing counselors and Real Estate professionals like the Calhoun Team Realty 248-905-1402) can give you free advice.
HAFA isn’t your common short sale choice. How is that? After you sold your short sale, the mortgage debt from the property will be released. You will NOT be held accountable for any of amount that was left or that you owe. The deficiency is guaranteed to be thrown away.
During the HAFA short sale, your mortgage company will assist you for an acceptable price.
After you close, you may gain $3,000 in relocation assistance from HAFA.

Relocation Assistance

The borrower (primary resident) has to depart in the period of closing. It does not matter if the borrower is getting the HAFA relocation assistance, he/she has to execute a Dodd-Frank Certification if they want to participate in the HAFA program. If a non-borrower rents the property, the whole $3,000 relocation assistance from HAFA must be paid to the non-borrower (if all the requirements of payment have been met) on the HUD-1. It cannot pay for any expenses of the non-borrower. Any portion cannot be maintained by the borrowers. Whoever fits the requirements, the borrower can assign the bonus to other tenants.

Still Have quesions? Please don’t hesitate to call the Calhoun Team Realty (248) 905-1402 today!

Helping Tenants in Birmingham, Lathrup Village, Beverly Hills, Southfield and other cites in Michigan to stay on their landlord's good side slide

A shiny house representing on how we are helping people with their Curb Appeal in Beverly Hills, Southfield, Lathrup Village, Birmingham and other metro Detroit areas Slide.

Helping Tenants find a good landlord in Southfield, Beverly Hills, Lathrup Village, Birmingham and other metro Detroit areas Slide

Helping homeowners understand the Definition of a Deficiency Judgement in Southfield, Lathrup Village, Birmingham, Beverly Hills, and other metro Detroit areas.

Happy Families walking away from foreclosures to short sales in Lathrup Village, Southfield, Beverly Hills, Birmingham and other cites in Michigan

Helping those on how to rent out their homes in Lathrup Villiage, Southfield, Beverly Hills, Birmingham and other cites in Michigan Slide.

How Do I Make My Home More Attractive

Want to talk to an expert on Curb Appeal? Call the Calhoun Team Realty today (248) 905-1402 and let our experts show you the ropes.

Compete for the Best Price

To start, you must do the research on how much the other properties cost that’s in your neighborhood. (Try giving Rentometer.com a shot) You never know what the outcome can be!

I have a question for you. Do you need to sell your property, or would you like to sell your property? When you answer that question and estimate your time frame you will have a better approach when you start to negotiate.

Making Your Home’s Curb Appeal Better

Let’s play a quick game called I’m A Buyer. Here’s what you have to do.

Get in your car.
Drive around the neighborhood and imagine you’re a person that’s looking for a new home.
Pull up to your house.
Give your home an UNBIASED review.

To help you out, try asking yourself this:

Does my driveway look good?

How does my yard look?

Is it well maintained?

How does my front porch look?

Doing this will help you put yourself in the buyer’s shoes. If you would like, you can ask someone else to do this for you or with you. Either way you want to know as much as you can, so you can make the right adjustments to your property.

Don’t Over Do it (interior)

You have the walls decorative or painted the way you wanted, but guess what? The buyer may dislike your design and might be turned off on buying the house. Not only do you get criticized for your design, but also lose a potential buyer.

Here’s the key to avoid situations like that. Keep it simple. It’s crazy but less is better. Think about it, if a buyer comes to your home and the house is freshly painted (white is the ideal color) you let the buyer use their imagination on what they want to do to the house when they move in.

Take Care of it

Any electrical issues, plumbing issues, stains on the floor, etc, please take care of these things quickly! You’re going to end up fixing them when you get to the closing stage, so you might as well fix them now. Keep in mind, doing this will make your home more appealing to potential buyers! Trust me doing this at the last minute is a bad idea.

The Stage!

During the staging period, you may want to hire a professional because their job is to focus the best parts of your home. They may charge you a few hundred dollars, but they may increase your sell price by $2,000-$5,000. You can’t go wrong with that. Just to include, you may have a real estate agent get involved with your staging. Let’s not forget, real estate agents have the same desire on selling your home too! (Want the best real estate agents that are pros on staging? Give the Calhoun Team Realty a call (248) 905-1402)!

The Online Market

In today’s society, people rely on the internet if they want to buy something because it’s easy and quick, so why not take advantage of the internet and upload your home yourself? Doing so will make things quicker in the long run.

(Don’t forget we upload houses daily. Check our listings HERE to see how our listings are different from other real estate sites and give us call (248) 905 1402, so we can get started on your home as quickly as possible)