As a trainer teaching real estate professionals about short sales and the HAFA program throughout the state of California, I hear all of the challenges surrounding short sales. However, a big frustration for me and therefore a challenge for me as a trainer is having my students understand the importance of understanding the programs available to the consumer.
We all hear that HAFA isn't working, that the banks aren't cooperating, that it still takes too long, on and on and on. What we fail to understand is that the HAFA programs are only seven months old for the Treasury Department and only five months old for Fannie Mae and Freddie Mac. That amount of time is just not enough to have everything working smoothly.
In my classes, I am beginning to hear success stories -- 45 day closings, 60 day closings, better communication. That is a positive thing. Understanding the benefits of HAFA is important for real estate professionals and consumers. I am also hearing that real estate agents who have focused their business on REOs have begun altering their business model into the short sale area.
We all need to understand that the Making Home Affordable program is very clearly geared towards keeping the consumer in their home, if possible, through a loan modification. And if a modification isn't an option, then through a HAFA short sale giving the consumer some control over the process of their short sale and ultimately help them move with a relocation benefit.
I believe that we as real estate professionals must be students. We must take the time to follow what is happening in our industry. We need to read and we need to study to be sure we are knowledgeable with all of the options and process so that we can guide our clients in the right direction.
If we take the time to be good students, we will be better real estate professionals and that's never a bad thing.
Comments(3)