Each settlement we are involved in as real estate professionals means a new beginning for both sides of the transaction. Sometimes those new beginnings take a while to pull off and this is one reason this settlement was special.
However the most important thing that makes this one stand out is that my clients are active duty military and the home was being sold under the guidelines of the Department of Defense Homeowners Assistance Program (HAP) set last fall. The program was expanded last year to help military families with PCS orders sell their homes in a declining market without requiring a short sale and ruining their credit.
The program got off to a slow start, as you can imagine with any government program, while the guidelines were published, reviewed and then additional legislation passed to eliminate a 25% upfront tax penalty. Finally today after months of waiting all of the pieces fell in place and settlement was completed.
To add another piece to the good feeling is that the buyers are also and active duty military family. Since settlement was delayed they now are able to tax advantage of the second time buyers tax credit, helping them with any updates they may want to do to their new home. It is a great feeling to have this one settled and to know that the Department of Defense Homeowners Assistance Program is fully operational. With four more HAP closings scheduled for January I’m hoping today’s settlement is the start of lots of great cheer for Nothern Virginia military families.
If you are a military family stationed at Fort Belvoir, the Pentagon, Quantico or any of the Military of District of Washington installations give me a call at 703-346-2213 to talk about the Department of Defense HAP proagram. I’ve worked successfully with military families, the real estate specialists at the US Army Corps of Engineers and US Government Settlement Attorney’s to get HAP eligible military familes on the road to their new locations.