Home Selling in Reston>Question Details

2beks, Home Seller in Reston, VA

We own a home in 20194 (Reston, VA) that is worth less than we owe. We are being transferred (military) and need help with our options.

Asked by 2beks, Reston, VA Mon Jan 24, 2011

We are not late on payments, and currently have a tenant in the home. We would love to find a way to be able to sell this property and invest in one in CA (where we are being transferred to). Any assistance would be greatly appreciated.

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We're also an active duty military family living in the DC area and selling a tenant occupied house in North Florida (we PCS'd to DC in 2008). Go ahead and fill out the HAP paperwork; its a pain and takes time to complete, but get it in now. Here's the kicker, the HAP program determines your eligibility only after you have a contract on the house; essentially after the sale is completed. The starting number is 90% of your purchase price (so if you paid $500k, your starting number is $450k). If you qualify, the HAP will reimburse you the delta from 90% of your original purchase price and your selling price. You also get your closing cost and realtor fees reimbursed. Here are the basic eligibility requirements:

1. Permanent reassignment to a new duty station or home port outside a 50-mile radius of the member's former duty station or home port.

2. Reassignment ordered between 1 February 2006 and 30 September 2010.

3. Property purchased (or contract to purchase signed) before 1 July 2006.

4. Must have a decline of at least a 10% home value loss from the date of purchase to date of sale.

5. Property was the primary residence of the owner.

6. Owner has not previously received these benefit payments.

I hope this help, Good Luck!

-Danny
2 votes Thank Flag Link Tue Jan 25, 2011
I would like to thank Danny for the excellent answer.

HAP has been, and still is, a major disappointment in terms of solving this problem and quickly allowing people in your position to regain your footing.

Be leery of people who promote themselves as "short sale specialists" (which seems to be everybody these days). Your situation is one in which you get get to know your Realtor very well (or should anyway). The road to turning your sale into a fresh start rather than a disastrous finish has many twists and turns along the way.
Each lender is different, each case is different. Myriad issues can block the sale which seem to have nothing to do with common sense.

Work with an experienced person who understands your position, understands the issues Danny raises, and is flexible enough to seek soilutions outside of HAP.
0 votes Thank Flag Link Tue Jun 14, 2011
Danny has laid down pretty much all the details for you to start working on HAP. To add to the tenant situation you can send them the notice that you are going to short sale (under HAP). Depending on the time left on your lease you can sell with the existing lease to the new owner. Discuss with your Realtor on the best way to get this communicated and property marketed.

Good Luck
Ritu Desai
Associate Broker
Samson Properties
http://www.eNOVAhomes.com
Info@eNOVAHomes.com
Web Reference: http://www.eNOVAhomes.com
0 votes Thank Flag Link Sat Jan 29, 2011
Since you are being PCS, you may be able to qualify for the Governments HAP program ( See attached link). I have personally helped a military member sell their home via the HAP program as well as helped another purchase a HAP approved property. Please feel free to contact me directly to discuss your plans more in depth.
Web Reference: http://hap.usace.army.mil/
0 votes Thank Flag Link Mon Jan 24, 2011
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