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HAP Homeowners Assistance Program Puyallup - Government Acquisition GA and Resale Overview

By John Cameron

Real Estate Broker/Owner with VITUS Realty, LLC 18189

March 27, 2012 07:38 AM

HAP Homeowners Assistance Program Puyallup- Government Acquisition GA and Resale Overview

Part 2

Government Acquisition Part 1 CLICK HERE

Between 15-30 days prior to the closing date the Homeowners Assistance Program - HAP Puyallup Specialist will write a new purchase and sales agreement between the U.S. and the Buyer. The new sales HAP logo agreement will sell the property to the Buyer at the current agreed to sales price. Homeowners Assistance Program - HAPPuyallup will pay any agreed to Buyers closing costs and Realtor commissions, given that they are at a standard and customary rate. Homeowners Assistance Program - HAPPuyallup does not cover home warranties. Any repairs requested from the Buyer during the inspection will be the responsibility of the Homeowners Assistance Program - HAP Puyallup Applicant and will need to be taken care of within the time frame agreed to on the original contract between the Homeowners Assistance Program - HAP Puyallup Applicant and Buyer. Any personal property items agreed to remain with the property will be included in the new sales contract. The Homeowners Assistance Program - HAPPuyallup Applicant is responsible to provide these agreed to items and ensure that are conveyed with the property at closing.

Once the Homeowners Assistance Program - HAP Puyallup Specialist has the new sales agreement written, funding to cover the closing will be requested and approved. The new sales agreement will then be forwarded to the Listing and Selling Realtors. This will be signed and returned to the Homeowners Assistance Program - HAP Puyallup Specialist, it will then be submitted it for an execution signature from the Chief of Real Estate. Once executed, the finalized sales agreement will be emailed to the Listing and Selling Realtors, Lender, and Title Company. A copy will also be provided to the Applicant for their records.

Approximately 2 weeks prior to the closing date the Homeowners Assistance Program - HAP Puyallup Specialist will order mortgage payoff(s) on the Applicants mortgage(s). The closing documents will then be written and reviewed for approval. After being reviewed and approved, the documents will be emailed to the Homeowners Assistance Program - HAP Puyallup Applicant. The Applicant will need to print these documents, sign, and have notarized. The closing documents will be returned via FedEx overnight. Included in the package, the Homeowners Assistance Program - HAP Puyallup Applicant will provide a certified check that will cover mortgage interest due, any miscellaneous fees required to pay off the mortgage(s) (other than the recording and fax fees, which are paid by HAP), any principal mortgage balance not covered by HAP (only applies to loans that have been refinanced or equity lines that have been taken out, see explanation in beginning of this document), plus or less pro-rated property taxes due or paid, and plus or less any Homeowners Association dues due or paid. Please note that mortgage interest is paid in arrears, therefore generally the Applicant will be responsible to pay mortgage interest on the month in which the closing takes place. (Example: On a closing scheduled for May 18th, the Homeowners Assistance Program - HAP Puyallup Applicant will pay the mortgage interest from May 1st to May 27th. Homeowners Assistance Program - HAP Puyallup requests mortgage interest an additional 9 days past the closing date. Therefore we have the additional funds to cover mortgage interest for up to 9 days if the closing is delayed for any reason. If the closing is not delayed, once the mortgage(s) have been paid off, the mortgage company(s) will reimburse the Applicant any additional funds submitted in the Homeowners Assistance Program - HAP Puyallup payoff.)

Once the Homeowners Assistance Program - HAP Puyallup Specialist receives the original signed, notarized documents and the requested check, the Applicants portion of the Acquisition is complete. There is no need for the Applicants to attend the closing between the U.S. and the Buyer. The Buyer will complete their closing with the
closing attorney of their choice. They can opt to use the title company side or they can use any other title company of their choice. The Specialist and HAP Puyallup title company will coordinate the closing process with the Buyers closing attorney if they choose an outside attorney. After the closing takes place and the documents have been reviewed, the Specialist will be notified of the completed closing. The Homeowners Assistance Program - HAP Puyallup Applicants mortgage payoff check(s) will then be sent to the mortgage company(s) via FedEx overnight.

The Acquisition and Resale will then be complete.

Please note: This is a basic
overview of the Acquisition Program. It is intended to be used as an explanation tool only. Some processes
may take more or less time depending on the Applicant, Buyers, mortgage, and title companies.

If you or anyone you know need any help with any real estate matter please contact John M. Cameron 206-910-0200. Or email at johnrockshomes@gmail.com.

Government Acquisition Part 1

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