Tuesday, October 23, 2007

Another Look at the MMAP

Normally, I try very hard not to repeat myself on this blog, but I think the MMAP program is worth another look right now. First, it is one of the most viewed pages on my blog and I get asked about it quite a bit. Second, with the recent changes in the market, I think it is worth another look.

MMAP stands for Monthly Mortgage Assistance Program, and it can help reduce a buyer's payments from $250 to $1000 per month for up to two years. And, all it requires is a simple agreement between the buyer and the seller.

MMAP could be a very valuable tool right now for sellers in this market. Right now, the market is changing from a sellers market to a buyers market, which means that sellers need to do more than ever to make their homes attractive to buyers. Buyers have every reason to be fickle right now, and an attractive feature like MMAP just might be the trick to encourage them to make an offer on your home instead of the one down the street.

So, instead of a price reduction or credit, consider using the MMAP. Basically, the seller agrees to set aside an agreed-upon amount of the purchase price into a trust account (via the MMAP grant program), which is then used to reduce the buyer's monthly mortgage payments anywhere from $250 to $1000 per month for up to 24 months. It is a pretty simple process, and you can get more information by visiting the MMAP website.

If you would like to discuss the MMAP program in depth and find out if it is right for your listing, please let me know. I am always happy to help. I can be reached at 510-547-5970 or MSmartt@jps.net.

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