Just recently closed on a listing property in Triangle, VA nearby Quantico USMC using the DoD HAP program.
The Seller had PSC orders out of the region and wanted to sell the house. It was a beautiful house constructed in 2005 with over 5,500 sq-ft of living space. The market needless to say had changed a bit since 2005 with the property market values in the neighborhood declining – leaving most Homeowners in an upside down $ position on thier property values.
The DoD HAP was a perfect opportunity to allow this Military Seller to move on with selling the home. The Seller’s property was worth less today than what he had paid for it new back in 2005. The recent Tax rule changes passed would also helped the Seller to avoid having a tax penalty on the gain from the sale of the property in 2010.
The Homeowner applied for the program, and he was accepted into the DoD HAP program. Then the Real Estate marketing for a sales contract started. Upon a sales offer obtained, the sale offer/details were quickly forwarded to the DoD HAP office in Savannah, Georgia for review. I have to tell you, the folks in DoD HAP office were wonderful to work with, they promptly review, evaluated the sales price, and all the contract terms, and got back within a week with good news that we had an acceptable sales contract. A request for Buyers’ closing cost was also included in the package.
After further paperwork, the property sale transaction meet the eligibility requirements for the Acquisition Section with the DoD HAP. We were informed by Diversified Settlement Services, Inc. that they had been retained by the United States of America (US Army Corps of Engineers) to represent the government for the transaction for the DoD HAP closing. Again these closing professionals were wonderful to work with, and they kept everything running smoothly to the settlement. While our transaction was a two-step program with the Seller 1st selling the property to USA, and then USA selling the property to the Buyer at the final closing, the entire process ran very timely without any problems.
Also, just as a note that the time invloved from start to finish took about 5 months.
If you are thinking of using the DoD HAP program, and you might wish to visit the website at http://hap.usace.army.mil . Also, please don’t forget to talk to your Real Estate Professional who will help you to get the transaction moving and finally closed.
The final result in making this Real Estate transaction a “success” – was a very Happy Seller and a very Happy Buyer.
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