The HAP (Homeowners Assistance Program) is a government program for eligible military service members or federal civilian employee. It provides monetary relief for homeowners who suffer financial loss on the sale of their primary residences when a base closure, realignment announcement, or transfer causes a decline in the residential real estate market and they are not able to sell their homes under reasonable terms or conditions. The US Army Corps of Engineers will analyze the real estate market for the particula area, conduct market impact studies, and make a recommendation to the Deputy Assistant Secretary of the Army for Installations and Housing for a final determination. If it is found and proven that this has caused a significant decline in the particular residential real estate market, a HAP may be approved. We have closed may HAP sales in the last years since the program has begun. Please feel free to contact us if you would like to know more about this program and selling your home. Types of HAP Programs: Private Sale- Eligible applicants may be compensated for the difference between 95% of the appraised fair market value of the property prior to the announcement date, and the appraised value of the property at the time of sale, or the sales price, whichever is greater. Closing costs are reimbursed for private sales.Government Purchase- The Government might purchase your property at 75% of your purchase price, or mortgage payoff. If this occurs, the government will sell the home to the buyer you and your realtor located and pay the realtor fees. NOTE: It is a DOD policy to insure that HAP funding remain available to assist the maximum number of applicants as opposed to using the funds for administratve costs associated with maintenance and resale of a large housing inventory.Foreclosure Assistance- If foreclosure proceedings have commenced, an applicant may elect to receive foreclosure benefits or private sale benefits. Foreclosure benefits may be paid directly to the applicant to reimburse for foreclosure costs paid by the applicant, or paid to third parties on the applicant’s behalf.
HAP Overview Contact us for additional information. |
