Did You Hear? The HAFA Short Sale results are in?
Early 2010 the United States Treasury implemented the HAFA (Home Affordable Foreclosure Alternatives Program) as their solution to help the increasing number of distressed homeowners. As with any government invlovement I was skeptical at best on what kind of results this would turn out. What this basically entailed is assistance by the government to help process and incentivize banks to approve Short Sales and Deed-In-Lieu’s with minimal damage to the howeowners.
The result at the end of 2010 was a total of 661 HAFA short sales nationally were successful. Was that a successful outcome? I have to admit, it was more than I expected but again, I was skeptical. Lets put this into perspective.
661 Successful HAFA Shorts Sale Nationally. (Keyword being nationally here)
In 2010 there were 9024 recorded closed Short Sales in the Northern Illinois MLS. This number does not reflect all of Illinois but it does cover a large portion of it. This number is conservative and based off of MLS data.
The numbers above show successful HAFA shorts sales represent only 7.3% of a portion of Illinois Short Sales closed. If you multiply that by the other 50 states you are talking about barely a fraction of a percent of closed Short Sales nationally. Under any standard this result was a massive fail.
So what did HAFA accomplish.
- Spend tax payer dollars with little affect to the problem at hand.
- Give homeowners and untrained real estate professionals with Short Sales false hope.
- Complicate the Short Sale process with dismal results under the HAFA program.
So what does this mean to homeowners today? The simple fact is there are number of trained professionals out there including myself that have been very effective in closing regular Short Sale transactions. The simple number of 9024 closed short sales proves that. It’s important that you trust the professionals that are trying to help you and don’t depend on government programs or untrained professionals to help, the numbers dictate they won’t. You can still attempt the government programs with the proper help but it will require competent professionals such as myself that will ultimately get your through the process. Let us help you faciliate these difficult transactions. Even with the contnued and failing attempts by the governement over the past few years, I have consistently helped families and homeowners reduce the negative impact this economy has burdened us with over the last few years.
I Close Short Sales!
RE/MAX Team 2000
Certified Distressed Property Expert (CDPE)
Illinois Short Sale Expert