The post Eglin AFB HAP PCS Ends September 30 – ACT NOW first appeared on Rulnick Realty.

The post Eglin HAP PCS? Save Your Receipts or Lose Out first appeared on Rulnick Realty.

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 itswendy@rulnickrealty.com

The post It’s OK to Sell Your Eglin AFB HAP Home Fast first appeared on Rulnick Realty.

 

The post Eglin AFB HAP PCS Private Sale – Can Put Cash in Your Pocket first appeared on Rulnick Realty.

Did you have an Eglin Air Force Base HAP sale in the past few years?  If so, be aware that they are auditing files and you might actually receive a bill if they claim you were overpaid.  One of my Fort Walton Beach HAP sellers received just such a letter with a bill for almost $5000.  They claim he was accidentally overpaid for his sale over two years ago. The letter mentioned he might be “suprised”.

If you do receive a bill for overpayment from HAP, you may be offered options, as outlined below:

1. Instead of paying HAP back in a lump sum, you may be able to get a Voluntary Repayment Agreement, i.e. pay HAP back in installments

2. You can ask for and obtain copies of your HAP records

3. You can request the U.S. Army Corps of Engineers re-examine your HAP records to make sure your bill is valid

4. You can ask for an administrative hearing to review your case

5. You can request a waiver or forgiveness of the bill

I suggested that my HAP seller contact the HAP Chief, an accountant or tax attorney or consider getting legal aid on base.  If you have had a similar experience with HAP, comment below.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

The post Did You Get HAP Bill for Overpayment? first appeared on Rulnick Realty.

How about a big yard in the heart of Fort Walton Beach Florida? This Vesta Heights HAP home has distinctive feautures, like decorative archways and hall entries. There are lovely wood laminate floors in living room and hallway. The kitchen is tile, tile, tile, with tile counters, backsplash and floor! The dining room floor has an elegant design. Passthrough to living room, breakfast bar and stainless appliances. The master bedroom has large walk-in closet, attached master bathroom with double vanity sinks and tiled tub/shower combination. This sale is contingent on HAP approval.

If you are buying a HAP home in the Eglin Air Force Base area, expect to wait 60-90 days for approval of your contract.

229 Moriarty St., Fort Walton Beach FL – HAP home offered for sale for $122,900

How to Buy an Eglin AFB HAP Home.

HAP Government Assisted Private Sale (GAPS) Ends

HAP or VA Compromise Sale?

The post 229 Moriarty St., Fort Walton Beach FL – HAP Home first appeared on Rulnick Realty.

If you are an Eglin Air Force Base or Hurlburt Field seller thinking about HAP, (military Homeowners Assistance Program), you may not be aware that effective February 1, the GAPS (Government Assisted Private Sale) has ended.  Since we are talking “military”, there are a lot of acronyms, so I’ll start with a quick explanation.  HAP is the program run by the Army Corps of Engineers that was expanded to assists U.S. military service members  who have Permanent Change of Station (PCS) assignments, with “upside down mortgages” avoid foreclosure or short sale. Basically, HAP will cover the shortfall (part of mortgage balance left over after net proceeds from sale) at closing if the service member qualifies for the program.

Formerly, there were three types of HAP sales: Government Acquisition, Private Sale, and Government Assisted Private Sale (GASP).  Here is a quick, simplified explanation of each:

Government Acquisition: The U.S. will buy the subject property from the qualifying service member, and simultaneously pay off the mortgage balance not covered by the sale, selling the property to the buyer the service member found (normally through his Realtor).

Private Sale: The qualifying service member sells his home and covers the mortgage shortfall himself. The U.S. will reimburse the service member some time after closing.  The reimbursement calculation is simplified as: 90% of your prior fair market value (your purchase price plus costs of improvements), add  7% for closing costs, then subtract out your new purchase price and mortgage payoff, plus any buyer credits and actual closing costs.  Using this private sale method, some military members can  recoup more of their lost equity, dollars they have actually used for downpayment or improvements, as compared to the Government Acquisition, which will just pay off the mortgage deficit.  The caveat with Private Sale, is that you would have to cover the entire shortfall at closing, then “wait” for the U.S. reimbursement check.  That process can  takes weeks or months.

Government Assisted Private Sale (ended): Instead of waiting for your U.S. reimbursement check after a “Private Sale”, you were paid by the Government at closing.  This program has ended, effective February 1, 2012, per my contacts at HAP. In fact, my latest HAP closing on January 31, was a GAPS, and we were told any extensions to the closing date would remove the seller from the program.

So, what does this mean to you, the Eglin AFB or Hurlburt Field airman?  You still have two HAP options available, Government Acquisition or Private Sale.  In any event, the good news is that if you need to sell your home, and qualify for HAP, you can avoid foreclosure, short sale or VA Compromise Sale, and keep your credit score intact.

Do you have questions? Email me at itswendy@rulnickrealty.com

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Eglin AFB and Hurlburt Field VA Compromise, HAP, Short Sale Help

The post Eglin AFB – HAP GAPS Ends – 2 Options Still Available first appeared on Rulnick Realty.

One of the stipulations of HAP is that the Eglin airman is current on his mortgage payments, taxes and association dues, or that is the extent to which the benefits apply. For example, if you were six months behind in your mortgage, HAP would not pay the amounts in arrears to satisfy your bank. You must. So what’s the issue? Even service members who are “current” on their mortgage payments will normally owe a pro-rated amount of mortgage interest, taxes and maybe association dues at closing. Remember, mortgage interest is paid in arrears. If you have a payment due on March 1, that would cover the interest for the month of February, not March.

My last HAP seller asked me why he had a bill for almost $1500 at time of closing from the U.S. Government title agent.  I told him it was probably his mortgage proration. He said, “But I made my mortgage payment!” I said, “Yes, but that covered the previous month.”  If your closing is mid-month, you would owe about two weeks worth of interest to your mortgage company, which will be collected by the title agent to pay your lender at closing.  That goes for taxes and association fees, too.

Florida’s state taxes are paid one year in arrears (not all states handle their property taxes the same way).  That means that the tax bill for your Navarre, Niceville, Crestview, Fort Walton Beach or Destin property covers the previous year (arrears). If you close on September 1, for example, the buyer will still receive the tax bill for the time YOU owned the property during the past year. That wouldn’t be fair, would it? So at time of closing, you have to reimburse the buyer the eight months to apply to the tax bill they will be getting at the end of the year. Yes, your mortgage company normally (but not always) escrows this amount in your total mortgage payment. You will get a reimbursement check after closing for any remaining balance in your escrow account. But forthe HAP closing, you will owe the year-to-date taxes that are due.  The same applies to homeowners association dues.  The government won’t pay those on your behalf.

So what is a reasonable expectation for funds the Eglin service member might
need for closing? Set aside enough to cover one mortgage payment, and potentially, almost a year tax obligation. You probably will not need all of it, but be prepared “just in case”.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

The post Eglin HAP Question – Why Does Seller Bring Money to Closing? first appeared on Rulnick Realty.

This sharp HAP home in Marion Manor, Navarre Florida, is just what you need to welcome the New Year. It sparkles! The living room, kitchen and breakfast area all have cathedral ceilings for an open feeling.  The kitchen has breakfast bar, pantry, and plenty of cabinet and counter space, and is adjacent to tiled eat-in area. Master bedroom is oversized. Master bath features his and her vanities, separate garden tub and shower and two walk-in closets. Architectural touches include plant ledges and transom windows. Marion Manor is “West of Hurlburt” for good commuting to Hurlburt Field. It is also convenient to Santa Rosa Sound, with gorgeous sugary beaches, fishing and restaurants.

This Marion Manor home at 1987 Alfred Blvd, is listed for $177,900.

What is HAP? It’s the Homeowner Assistance Program for military members who transfer (PCS) to new bases, to help them avoid short sale or foreclosure.  In a nutshell, when the market value of an Eglin or Hurlburt Field area property is less than the mortgage balance, HAP will pay the shortfall for the servicemember.

Learn more about buying a HAP home.

It’s Wendy!

The post 1987 Alfred Blvd, Marion Manor, Navarre FL – HAP Home For Sale first appeared on Rulnick Realty.

Some of the qualifications for the HAP program are:

1. PCS orders at least 50 miles from the primary residence
2. The original contract to purchase the home had an effective date prior to July 1, 2006
3. The home was the primary residence at the time of orders

Many Eglin Air Force Base, Hurlburt Field and Duke Field service members have qualified for the program.  This HAP sale on Randall Roberts Rd. took about 60 days to approve.  At closing, HAP purchased the home from the sellers, paid off the mortgage shortfall, then simultaneously sold it to the new buyers. 

652 Randall Roberts Rd., Fort Walton Beach Florida – Just Sold for $200,000

Apply for HAP here.

Learn more about HAP.

It’s Wendy!

The post Emerald Village, Fort Walton Beach Florida – HAP Home Sold first appeared on Rulnick Realty.