The Home Protection Assistance Program (HPPP) is being offered to Los Angeles home sellers at the time of listing by the California Association of Realtors®. The HPPP is optional and is paid for by the seller. This program covers all buyers for a period of 12 months from the close of escrow.
What does this mean?
If the new homeowner loses his or her job because of a layoff during this period HPPP will pay him or her up to six monthly payments of up to $1,000 or $1,500 depending on the level of coverage purchased by the seller.
The cost of this plan to the sellers is $200 to cover six months at $1,000 per month, or $275 at $1,500. It is a great way for a Los Angeles home seller to differentiate their home from the competition. It can offer some security for a buyer nervous about the possibility of losing their job.
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The HPPP is a great way to help nervous buyers be more comfortable, and it’s also a great way to distinguish a particular home.