Destin Florida Short Sales & Real Estate by Wendy Rulnick

This beautiful home on Shire Lane in Silver Oaks, Crestview Florida just sold.  The home had impeccable upkeep. It was 2751 square feet, four bedrooms, two full baths and two car garage. The landscaping was outstanding. The sale price was $218,000.

This home sold as an Eglin Air Force Base HAP Private Sale.  HAP (Homeowners Assistance Program) is a program which assists U.S. military service members relocating to new bases, called PCS (permanent change of station).  In these cases, the service member's mortgage exceeds the market value due to home values declining.  Under certain circumstances, HAP will cover the mortgage loss.  With a HAP Private Sale, the government reimburses the military service member after closing for the loss, including closing costs up to 3% for conventional loans.  The service member would bring funds to closing to cover the deficit between the contract net and the mortgage balance.  HAP would reimburse based on 90% of the original sale price plus improvements. 

With a HAP Augmented Sale (also called Government Aquisition), HAP will cover the loss at closing not to exceed the mortgage payoff.  You can see that the HAP Private Sale will help the service member recoup more of their losses.  HAP Private Sale is not an option for all service members, since the mortgage deficiency may be significant, and they would have to initially cover the loss with their own funds, while waiting for reimbursement.

For help with your Eglin Air Force Base or Hurlburt Field HAP sale, contact an experienced real estate agent specializing in HAP, VA compromise sales and short sales.

 It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Wendy is a short sale, pre-foreclosure and HAP specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County-  Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. 

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If you are buying a home around Eglin Air Force Base or Hurlburt Field, you may want to know about HAP properties. HAP stands for Homeowner Assistance Program, and it is designed to help military service members sell homes with upside-down mortgages. 

For example, if you are looking at a Crestview Florida home where the military seller owes $250,000 on the mortgage, and the home is only worth $150,000 (very common), this might be a scenario where HAP could help.  If the seller qualifies, HAP will cover his mortgage loss at time of sale, and allow you to buy it without waiting for a “short sale”.

HAP, run by the Army Corps of Engineers, assists airmen who are PCSing (permanent change of station) with orders to a new base more than 50 miles away.  To qualify for the HAP program, the service members must generally meet these criteria:

1.    They entered into a contract to purchase their current home before July 2006.

2.    It was their primary residence when they got orders to move

3.    Their orders were between February 1 2006 through September 30, 2012.

4.    The property must have declined at least 10% in value.  (That should not be in problem in the Eglin AFB and Hurlburt Field market).

If you find a property in Crestview, Fort Walton Beach, Niceville or Navarre Florida that is specified as “HAP”, what does this mean to you?

1.     Your real estate contract should have language stating it is “contingent on HAP approval”.

2.    You should allow up to 90 days for approval.  The HAP processing time was about six months at the beginning of the year, but it is speeding up.  You may be approved quicker.

3.    HAP generally will pay competitive closing costs, perhaps 3% of the purchase price.  Be prepared that they may not agree with what you are asking.

4.    HAP wants fair market value for the property.  Do not expect to pay much less.  HAP will request the listing agent provide comparable sales data, and they will do an independent analysis, as well.

5.    Realize the Eglin AFB or Hurlburt Field service member will do the initial negotiations with you, and may not accept or may counter offer your proposal.

When it is time to close, HAP will do what is called an “Augmented sale” or “Government Acquisition”.  They will actually buy the property from the service member, then sell it directly to you. 

As you begin your home search in Crestview, Navarre, Niceville and Fort Walton Beach Florida, remember to check out HAP homes.  You may be HAPpy you did!

Eglin and Hurlburt Field HAP help

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Search Crestview, Navarre and Fort Walton Beach FL Real Estate

Crestview, Navarre and Fort Walton Beach Short Sales & Pre Foreclosure Help.

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Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County-  Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. 

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