What are the Top Ten HAP (Homeowners Assistance Program) Tips for Southern Maryland Sellers and Listing Agents?
Cindy Jones from CJ Realty Group, Inc. in Northern Virginia, who can be reached at 703-346-2213 OR cindy@cjrealtygroup.com , just spent under an hour graciously answering all my HAP questions for a new listing I have that is going on the Market in Southern Maryland. She has settled roughly 30 HAP cases since the HAP program inception. If there is a HAP Expert on Active Rain, she is one of the GO TO people that has learned the HAP Program from front line experience as a Northern Virginia Realtor.
These are the top ten points for a Listing Agent or Seller to learn about the HAP or Homeowners Assistance Program:
1. No closing help can be paid but list price can be ten percent under current Market Value.
2. 75-90 Day settlements are customary.
3. Do tests and inspections immediately i.e. concurrently during the HAP Approval Process.
4. Home is AS IS except for major structural, electrical, plumbing and mechanical issues.
5. HAP Package on Army Corp Of Engineers site takes up to two weeks for Seller to complete. Need this FILE number to accompany contract for entire process to begin. Have Seller START PACKAGE IMMEDIATELY so offer is not held up.
6. Docusign can be used for electronic signatures EXCEPT not on the final contract between the Government and the Purchaser.
7. Seller does not attend settlement. Documents are sent via Fed EX for Seller signatures.
8. This is not a short sale. Lender does not step in and credit is not affected. Contract is contingent on HAP Approval.
9. Date Requirements are Purchase by July 1, 2006 and Orders by September 30, 2010.
10. Hurry up and wait! This is a Government Program. Keep Smiling.
EXTRA NOTES?
Our cases are reviewed in Savannah. The Seller application package includes items like HUD1, Orders in, Orders out, Title, Survey etc. The Personnel Officer signs. There are two types of programs. One is Government Acquisition which is more common and the other is Government Assisted which is when the Seller originally put a large amount of money down and is trying to recoup some of the funds. NOTE: Seller needs to expect to make one extra payment at the very end!!! Desk appraisals are done. Interaction with the "Benefits" department.
Cindy says she posted a really good article about this HAP Program in Feb 2010 on her VARealEstateTalk.com blog site that has a lot of questions and answers.
Stay tuned for more HAP information and tips in Southern Maryland!
You'll Retrieve Golden Results with Cheryl Ritchie, RE/MAX 100, for all your Southern Maryland Real Estate Services. Visit www.GoldenResults.com for more information.
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