Special offer

The HAP Program - Pluses for Buyers And Sellers

By
Real Estate Agent with eXp Realty of California, Inc. CA DRE #01490977

The HAP Program - Pluses for Buyers And Sellers 

HAP, or Homeowners' Assistance Program through the Department of Defense, offers some real pluses for buyers and sellers. 

HAP helps Homeowners with Financial AssistanceEligible homeowners include service personnel as well as federal civilian, including non-appropriated fund, employees. And HAP has been temporarily extended to include wounded, injured or ill service workers and DOD employees, surviving spouses, and others. 

How about getting a short sale approved in advance, based on a full appraisal before the property is listed? 

How about the lender getting paid in full?

How about sellers being eligible to get reimbursed for the cost of improvements they have made if they can provide receipts?
 

Read more about HAP here.

Speaking from a buyer agent's perspective, there may be other advantages I am unaware of for the sellers (anyone out there with more knowledge to share?). But there are some other benefits HAP offers

An issue here is that HAP requires the Short Sale Addendum (California Form SSA) as part of the offer. This is standard for any short sale where the buyer stipulates time frames by which the written short sale approval must be obtained, and other terms associated with the short sale approval since that is a contingency of the sale. 

This can be a bit confusing to buyers in a HAP transaction since, technically, the transaction is approved up front and there is no written approval of the offer as one finds in your typical short sale sales. And a stipulated time frame to receive the short sale written approval really doesn't make sense given how HAP works. 

Given the upfront approval, HAp can close in 30 days, depending on the buyer's situation. 

I'm sure others would be interested to hear how HAP is working for you and your clients, whether buyers or sellers.

Let's hear from you!

Posted by

Jeff Dowler, CRS
Certified Residential Specialist / Realtor®


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Comments (4)

George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Jeff I am not very familiar with the HAP Program, so thank you for the link, and I am looking forward to reading the comments as well.

Apr 24, 2011 01:32 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

George - well it has been new for me as well, but a good learning experience, and there is a lot to ilke about it for both buyers and sellers.

Jeff

Apr 24, 2011 03:18 PM
Ellie McIntire
Ellicott City Clarksville Howard County Maryland Real Estate - Ellicott City, MD
Luxury service in Central Maryland

Excellent information. Thanks for allowing the re-blog option.

Apr 25, 2011 01:09 AM
Anonymous
Marena
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May 27, 2012 04:48 AM
#4