Comment

Comment by Souzan M on March 3, 2010 at 3:59am

Cindy how long was th eprocess beginning to end? Were you ableto get updates as you wnet along? I am in short sale mode and want updates weekly!
Thanks
Souzan

Comment by Cindy Jones on February 20, 2010 at 1:50am

I have closed five HAP sales since the beginning of the year. Have two more under contract and two more listing coming on line. There is a lot of misinformation floating around. The 5-10% amount brought to the table is NOT 10-20K. So far the highest amount any of my sellers has contributed to the sale was $3400.

There are two parts to the program Private Augmented Sale and Government Acquisition. The government acquisition is a "flip" usually the same day as the government gets the deed it is transfered to the buyers. I've found the real estate specialists in the Savannah office great to work with. They are swamped.

The best way to get an answer to your questions is to have your military member submit the initial application with as many of the documents as they have. Then they will be assigned to a counselor and a file number. Then they can start to get more specific answers to their questions. The website information is a bit misleading so don't use that as your guide.

Comment by Wendy Rulnick on December 22, 2009 at 4:53am

Kathy- There is definitely misinformation out there. HAP is not buying houses! You have to bring them a contract, then they "buy" from the seller and "sell" it to the buyer! Just like a corporate relo. RIGHT, TOO, KATHY- if the service member does not have funds to cover 5-10% of the loss- no deal!! Who has $10,000-$20,000 just hanging around?? HAP is HOPELESS! I have an airman talking with me now about whether to do this or short sale. I told him to call HAP and ask point blank- will I have to bring money to closing? He has no money. If they say YES, then we are doing a short sale listing instead.

Comment by Kathy Batterton on December 22, 2009 at 4:45am

The info being given the service members is not completely accurate. I believe that there is a general lack of understanding by HAP as to how the market works. One of my sellers was told by HAP to let the gov't buy his house. That would save him having to pay the 10%. Sounds good on the surface BUT...if I get a buyer tomorrow (In essence the gov't wants to do a double closing, we have no idea how long HAP will take to respond. There are over 3000 applications in our district. My seller does not PCS til next month. He is behind the thousands who already PCS'd. So HAP says that seller needs to stay current to make this work, cannot be behind in his payments!!!! HUH? How the heck will he do that???? His option arm is resetting, he will need to pay rent at the next duty station, and if he rented his house here, he will be deficit at least $600/mo. He cannot afford that. AND IF HE RENTS HIS HOUSE, and his turn with HAP comes around, THEY WILL PASS ON HIM AND MOVE TO NEXT SERVICEMEMBER. HAP is not fitting the mold for many sellers at this point. Would love to hear any positive stories.....

Comment by Wendy Rulnick on November 11, 2009 at 3:20am

Souzan - I have emailed HAP, too, you are right, it is great to get it in "writing". Thank you for posting the email and answers. I think this program is woefully short, pardon the pun, of helping sellers who are so short in their market value!! It will only really help those who have the 10%, not many servicemembers can afford that.

Comment by Souzan M on November 10, 2009 at 5:24pm

here is what I learned about HOW HAP HELPS. We do a lot of military moves and these questions were answered by the "realty specialist" at HAP it is easier to get an answer by email than by phone. . . my questions followed by her answers . .

However I was under the impression that funding was not available for
homeowners in Florida specifically the Tampa area?
Funding is available--we began processing applications on 1 October.

Is funding currently available to homeowners who close in the next 6 mths?
Funding is available; applicants need to find buyers for the property;
closing depends on where they fall in line. Our priority is wounded, ill or
injured, BRAC and then PCS.

Will homeowners receive the assistance at the closing table that is to offset
the loss or will they receive it at a later time? This willl vary depending
on the situation, for example a private sale that has already taken place or
at closing with the buyer.

Are the taxes from the seller due at the closing table? On Friday 6 Nov,
President Obama passed a law that exempts HAP benefits from taxes.

I read that the home has to be marketed for 120 days what if we receive and
offer sooner will it be considered? Yes.

What is the time line I can offer to a buyer once we deliver an offer to you
to be reviewed?
We do not review offers; the sale is between you and the applicant

We have a huge short sale and bank owned surplus in our market that has
greatly impacted property values by as much as 50% in some cases. I read that
upto 95% of the loss will be covered how is that percentage determined and
will the homeowner know before executing a contract.

Wounded, Ill, Injured will be reimbursed: 95% of the prior fair market value
(purchase price) - sale price + closing costs
PCS will be reimbursed: 90% of the prior fair market value (purchase price)
- sale price + closing costs

Comment by Wendy Rulnick on August 22, 2009 at 3:08am

I would not count on anything from HAP! Their website is back up but all the FAQ for the newly "expanded" program is gone...

Comment by Don Duft on August 22, 2009 at 12:12am

I noticed a local LA had inserted "DOD HAP will not pay closing costs!" so I called the regional office and was told that they absolutely will allow closing costs and commissions. I have a Purchaser under contract on a DOD HAP moving in today on a pre-occupancy & wanted to be sure before they moved in.

Comment by Wendy Rulnick on July 31, 2009 at 8:42am

HAP Website is back up now!!

Comment by Wendy Rulnick on July 29, 2009 at 7:22am

HAP Arbitrary Cut-off Date Beware!

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