Job Loss warranty offered to home buyers

A Local home warranty company will be rolling out with a great new service. A job loss protection plan! I am excited about this program. I have many buyers that are concerned about loosing their jobs in the next few years.

"Buyer confidence is what we're missing in the real estate transaction," said James Imhoff III, who is marketing the program to local real estate brokerages through his home warranty company, Universal Home Protection. "If you think of the current market conditions right now, you've got low mortgage rates and high inventory with reduced prices, but this is another step we needed to take to offer value to Wisconsin homeowners."

"It really injects confidence into the whole buying process for a whole lot of buyers who are on the fence, worried about the future," he said. "It's pretty obvious there are a lot of frightened people out there."

Through last week, Imhoff had signed up and provided online training in the program for agents at five real estate companies -- Restaino & Associates, First Weber, Stark, Century 21 Affiliated and Bunbury, with others likely to sign up soon, Imhoff said.

"They're really excited," Imhoff said about the companies, which must pay $50 a month for each office in the firm to help fund the program. "It's so new that a lot of (agents) are still trying to get trained. You're going to see it soon on all of their Web sites and in signs and ads."

The job-loss protection benefit is a program of the Rainy Day Foundation, a Washington, D.C.-based, non-profit 501(c)3 organization supported by donations from large builders and lenders and other housing industry organizations and individuals.

It says its mission is to create and maintain responsible homeownership through programs offering financial counseling before and after a home purchase and through its HELP -- Homeowner Education and Loan Protection -- program, which includes the job-loss protection benefit.

Here are the basics. The program would cover your payments for up to 6 months and up to $1800 per month. You are only covered if you are laid off and not if you quit or are fired.

I would like to hear your thoughts on this new program. I will start offering this as part of my marketing package on all my new listings.