This week two more of my clients using the DoD Homeowners Assistance Program (HAP) were given the green light for closing on their home sales. From contract to closing on these sales will be about 60 days. Both are sold under the private sale benefit with HAP and the team in Savannah has done another great job on keeping us moving.
It’s also a reminder that the deadline for applications for service-members who qualify under PCS HAP is quickly approaching. You must have your application in the hands of the HAP office no later than September 30, 2012. Though fall may seem like it is a long way off, it really isn’t.
Make sure if you live in the Northern Virginia area and were stationed at Fort Belvoir, the Pentagon, Quantico or any of the Military District of Washington installations that you hiring an agent experienced with DoD HAP sales to list your home. The program has changed numerous times since it was first implemented and what is on the website is not necessarily how the program operates today. Knowing whether you should undertake a “private sale” or follow the “government acquisition” option is critical to how your home should be marketed and contract addendum’s written.
I receive a lot of phone calls and email inquires from both agents and service-members with questions about the process. When I hear a homeowner tell me their agent has hired a 3rd party negotiator to work with their lender or an agent say they are going to list the house at a fire sale price, I cringe. With the next two closings we will have successful closed 37 HAP transactions without a single file returned for under value sales price or an unqualified service-member.
If you are on the fence as to whether to sell your Northern Virginia home with HAP benefits it won’t hurt to file your paperwork and then decide. The real estate market in Northern Virginia is currently holding steady and our inventory is low. Homes are creeping back up to 2003 values but have a long way to go to return to the value that many paid in 2005 and 2006. Remember the cut-off date for your home purchase under HAP is still June 30, 2006.
Let me know if I can be of any help with your DoD HAP home sale here in Northern Virginia.