This home in Vesta Heights, Fort Walton Beach Florida, has been approved for HAP sale. The property went under contract just three days after going on the market! HAP approved the contract and replaced it with their own 11 weeks later.
Things to know:
1. Even though the HAP (Homeowners Assistance Program for U.S. military) website says your home should be marketed for 120 days, the fact is, HAP really cares that you get “fair market value” (or 90% thereof). In this case, it was fortunate that the buyer happened to be looking for a home near Eglin Air Force Base and this exact match became available. I’ve sold many HAP contingent homes in Fort Walton Beach, Navarre, Crestview and Destin Florida in less than a week. All the sales were subsequently approved by HAP, and none ever had a counter offer of price, nor had time on market questioned.
2. How is contract price supported to HAP? When you get a contract on your HAP home, I prepare a market analysis for you to send in to HAP along with your contract. Before you accept an offer, I let you know if the price and terms are in line with HAP might find acceptable. What does that mean? The contract should be approximately 90% of supportable fair market value.
3. What about cases of difficult to sell HAP homes that only get low offers? If you can prove your home was exposed to the market for a period of time, you may be able to get a sale price that seems otherwise low approved by HAP. An example I have is a home in Navarre Florida that was on East Bay, but surrounded by homes of much lesser quality. This property could only garner a seemingly low price. We sent HAP all the detailed marketing for the property, along with showings and feedback from potential buyers. The contract price was approved.
Do you have questions about your potential HAP sale in Fort Walton Beach, Crestview, Destin or Navarre Florida? Email me at [email protected]