DOD’s HAP Program: A Valuable Benefit for Seller’s

The Homeowner’s Assistance Program (HAP) is a selling program for military and federal civilians who face financial loss when selling their primary residence. This a wonderful program that I have found to be very helpful for my sellers, and many people don’t know that it exists.

The Army Corp. of Engineers will reimburse sellers up to 95% of their loss prior to closing, which enables sellers to sell even when they are “underwater”. If that benefit is not enough, they will purchase your home from you to help you sell. I just completed a sale where the homeowner bought the property in 2006 for $350,000, was relocated and sold the home for $260,000. Because this seller would still owe over $20,000 if they were given the 95% reimbursement ($4,500 remaining payoff on mortgage, $15,600 in brokerage fee, and their own closing costs), the DOD bought their home from them, paid off their mortgage, and conveyed it to the buyer. The sellers in this particular transaction only had to come to the table with $2,600. The DOD even paid their real estate agent’s brokerage fee!

Tell your friends and family about this little known benefit, and call me if you have any questions. I will be happy to walk you through the process

Margaret Richardson

Work: (757) 539-2111
Cell: (757) 635-9546

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Specializing in properties in South Hampton Roads, Virginia.