Here's a great idea if you are selling a home in San Jose or the surrounding Santa Clara County areas and want to stand out above the other homes on the market. For just a couple hundred dollars, you can offer home buyers the incentive of providing mortgage protection coverage should they become unemployed after the purchase.
The "Home Payment Protection Program" (HPPP) is available through California REALTORS® who offer it to sellers at the time the property is listed. HPPP is optional, is paid for by the seller, and costs either $200 or $275, depending on the amount of coverage the seller elects to purchase.
The program covers both first-time and repeat buyers for 12 months from escrow closing. If the home buyer loses his or her job as a result of a layoff during the qualified time period, HPPP will pay the buyer up to six monthly payments of up to either $1,000 or $1,500, depending upon the level of coverage the seller chose at the time of the listing.
The payment for HPPP is made at the time of closing. HPPP remains on the property for as long as it is listed with the REALTOR® under the original listing contract. The buyer cannot renew, extend or enhance the coverage under the HPPP, nor purchase it independently.
Interested? Talk to a California REALTOR - like me - for details.
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