Interesting in Buying a Department of Defense HAP Home? It's Not Bargain Hunting Season

By
Real Estate Agent with Integrity Real Estate Group

DoD HAP Homes are Not Bargain Hunting SeasonRecently an email arrived that piqued my interest.  A buyer wanted to concentrate their home hunting search on Department of Defense HAP homes.  When I found out more my heart sank.  The inquirer wanted to concentrate on HAP homes because the government allowed them to be sold at 10% off Fair Market Value and “the seller faces less risk since HAP partially offsets their loss based on the original purchase price."

The biggest part of the email that bothered me was the "seller faces less risk" by accepting a lower offer. In fact accepting an offer 10% list price does hurt the seller.  It hurts them in the wallet.  Unlike a short sale where many buyers are able to walk away without paying a dime out of their pocket, military families using HAP benefits DO pay a percentage on the differential between original purchase price and the current sales price.

This is without taking into consideration money the family has put into improvements in the home, money they have lost from their down payment and a number of other factors.  So even though in the grand scheme of things the extra 10% may not seem like much to a buyer, it is a big difference to a seller.

If you are thinking a HAP home is a home waiting for a lowball offer please think again.  Military families using DoD HAP benefits deserve an offer at Fair Market Value just like every other seller in the Northern Virginia market.   If you are a military family in Northern Virginia who qualifies for DoD HAP benefits give me a call at 703-346-2213.  Let my success in closing HAP sales for families like yours work for you.

 

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                                   Real People*Real Lives*Real Estate

If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and Integrity Real Estate Group a call at 703-346-2213.

Military Relocation Specialist serving military families relocating to and from the Pentagon, Fort Belvoir, Quantico MCB and all of the Military District of Washington installations. 

Military Relocation Professional


Check out www.varealestatetalk.com and www.cjrealtygroup.com for more information.

Integrity Real Estate Group
 
Real People*Real Life*Real Estate

Licensed in the Commonwealth of Virginia



 

 

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Rainmaker
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Steve and Jan Bachman
RE/MAX Gateway, Reston, Herndon, Ashburn, Sterling, Fairfax - Herndon, VA
Realtors - Northern Virginia

Good one Cindy. Hap homes are selling AT market. Buyers...inventory is small in Northern Virginia...bank owned REO properties in good condition are also selling AT market or ABOVE. The days of knocking 10-15% off the market price to get a good deal ...well that was over almost 2 years ago. Prices of homes under $350k have hit bottom and are headed up. That is a fact. Listen to Cindy.

Jun 15, 2010 01:42 PM #1
Rainmaker
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Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

I have never heard of a HAP home, but then again I don't work the military market per sé, even though we have about 200,000 military personnel here in the San Diego are.

Jun 15, 2010 05:33 PM #2
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Steve-I put a home on the market on Sunday for a military family using HAP benefits and we had 7 offers in the first 24 hours.  Lowball offers as a general rule will not fly in our current market.

Jun 16, 2010 01:12 AM #3
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Jim-HAP is short hand for a benefit that is helping military families with PCS orders to sell their homes and get assistance from the governmnet to cover what might otherwise be a short sale.  I know there are plenty of folks in San Diego who are using the program as I referred a couple of clients to agents there to help them with their sales.

Jun 16, 2010 01:14 AM #4
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Charita Cadenhead
Keller Williams Realty - Birmingham, AL
Serving Jefferson and Shelby Counties (Alabama)

Cindy we face the same thing when we hear buyers say "I want to buy a HUD home" or "I want to buy a foreclosure."  The truth is, they really don't know what they are in for.

Jun 16, 2010 02:26 AM #5
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Charita-I put a detached home on the market in Prince William County yesterday that had 7 offers in the first 24 hours.  You can bet it didn't sell for less than FMV.

Jun 16, 2010 03:23 AM #6
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