Can I try for a rent-to-own agreement while using the Homeowner's Assistance Program?
I'm in the military and transfered out of state. The Homeowner's Assistance Program (HAP) is a government program designed to help military members who sell their home at a loss because they are required to move and can't wait for the market to get better. The problem is that the program takes a long time to get the money out. My idea is that I get someone in my home for cheap rent ($1100/mo when I pay $2000/mo) and sign a purchase agreement for a reasonable price that is contingent on HAP approval. The buyer gets to move in now and get a short sale-like price and I get to save my credit from actually doing a short sale. My realtor thinks this is impossible and will not entertain the idea. Has anyone ever set this up?
I've never set it up but it is a great idea. Have your agent explore this option. Many agents don't like to work "ouside the box" so they may be reluctant to get educated on this topic. A simple call from them to the right people will give them a solid answer. Also, I hope your agent is advertising that your home has an assumeable mortgage if you have VA financing on the home. This is a real selling point. There are temproary drawbacks, but with the right language, it becomes a win win. Good luck and keep working outside the box. We're doing the same for most of our clients and that's what it takes in this market.
Mike Stodola
A lease option may be an excellent option fo ryou as a seller, but will most likely not work in conjunction with HAP.
If you would like a referral to a local agent who is experienced in working with lease/purchase and lease/Option real estate transactions, please let me know.
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Fair Housing and Equal Opportunity