Recently 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.