I know that many of you are not in a heavily populated military community, but Hampton Roads is saturated with military. This is wonderful for us, since the military move ever 3-5 years so we have homes to sell and buyers coming in.
Unfortunately the military has also really gotten hit by the market changes in the last years of the real estate market and they are often more at risk, in the since of losing their career.
What do I mean losing their career? Well the military person that has a foreclosure may lose their security clearance, and thus their job. So it is extremely important for a military household to sell without a foreclosure.
Sure, all home owners would be better off without a foreclosure, but the military have even more at risk.
That being said, it is unfortunate that many of the military homeowners do not understand or have bad information regarding the HAP program, which may be an option for them.
The program is outlined on the Internet, but there are many exceptions to the rules and some things which are stated as a "no” really will be allowed by the HAP if the Agent and the Seller convey their case clearly to the HAP office.
In our area, the HAP program has been paying buyer's closing cost. This is huge, since it is next to impossible to sell a home without closing cost being paid by the Seller. Since the sellers are already pressed for funds, most don't have the option to help out with these for potential buyers.
We submit our offers with a cover letter that states that it is customary in our area that buyers closing cost must be paid, or there is little chance that the home will sell (true). We also call the HAP office and speak to our representative and convey this information to the agent so they can share it during review.
Not familiar with HAP but have military? Check out the site, it might be a great way to help your clients sell their home.