The HAP Program - Pluses for Buyers And Sellers
HAP, or Homeowners' Assistance Program through the Department of Defense, offers some real pluses for buyers and sellers.
Eligible homeowners include service personnel as well as federal civilian, including non-appropriated fund, employees. And HAP has been temporarily extended to include wounded, injured or ill service workers and DOD employees, surviving spouses, and others.
How about getting a short sale approved in advance, based on a full appraisal before the property is listed?
How about the lender getting paid in full?
How about sellers being eligible to get reimbursed for the cost of improvements they have made if they can provide receipts?
Speaking from a buyer agent's perspective, there may be other advantages I am unaware of for the sellers (anyone out there with more knowledge to share?). But there are some other benefits HAP offers.
An issue here is that HAP requires the Short Sale Addendum (California Form SSA) as part of the offer. This is standard for any short sale where the buyer stipulates time frames by which the written short sale approval must be obtained, and other terms associated with the short sale approval since that is a contingency of the sale.
This can be a bit confusing to buyers in a HAP transaction since, technically, the transaction is approved up front and there is no written approval of the offer as one finds in your typical short sale sales. And a stipulated time frame to receive the short sale written approval really doesn't make sense given how HAP works.
Given the upfront approval, HAp can close in 30 days, depending on the buyer's situation.
I'm sure others would be interested to hear how HAP is working for you and your clients, whether buyers or sellers.
Let's hear from you!
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