Tag Archives: hap

New Upcoming Listings in Ewa Beach

New Upcoming Listings in Ewa Beach

I have 3 upcoming listings in Ewa Beach.   If you know Ewa Beach real estate and want to know about properties BEFORE everyone else then this is your chance.  How many times have you wanted to buy a property but by the time you found out about it, the Sellers already had offers on it?  This is especially true on Short Sales in Ewa Beach

1.  3 br, 2.5 bathroom, 2 car garage, end unit townhouse located very near the new Ka Makana Subdivision and Hoakalei Country Club in Ewa Beach.  This is a short sale and will probably be listed for around 330-350k. 

2.  2 br, 2 ba, 2 car garage, 2nd story condo (I have 2 of these available).  Located in the ONLY secured, private, gated community known as The Arbors in Ewa Beach.  Both of these units have over 1,000 sf of interior living space and are available immediately.  Both of these properties are Hawaii HAP Sales.   If you are unfamiliar with HAP Sales, please call me.  They are NOT DIFFICULT and DO NOT TAKE NEARLY AS LONG AS HAWAII SHORT SALES TO GET APPROVED.  Both of these Hawaii HAP Sales will be pushed to the top of the pile in the HAP’s Sacramento, California office due to the length of time that is has been since the service members departed Hawaii.

Each unit will be listed at $309,000.

HAP Program in Hawaii

1.  Are you a service member stationed in Hawaii and upside down on your home? (it is worth less than what you owe on it) 
2.  Did you buy your home prior to July 1, 2006?
3.  Are you on orders to PCS from Hawaii to a location more than 50 miles away?
4.  Was this home your primary residence in Hawaii?
5.  Was this PCS move ordered prior to Sep 30, 2010?

If you answered YES to these questions, you may be eligible to sell your house in Hawaii under the Homeowners Assistance Program or HAP.

You will need a real estate agent in Hawaii to help you navigate through this complex procedure.  Call or email me for more information.  I look forward to helping you.

Homeowners Assistance Program in Hawaii

The Homeowners Assistance Program in Hawaii or, as it is more commonly referred to as the HAP is widely being used by Active Duty Military in Hawaii.

The program is designed to help Service Members in Hawaii with selling their homes and the HAP makes up all or some of the shortage.  Be aware that you may get a Form 1099 and you will have to claim the amount of money brought in by HAP as income.  Consult your tax professional for further details.

This is only available to Active Duty Military in Hawaii that meet certain criteria.  The exact criteria can be found at http://hap.usace.army.mil/EP_PCS.html.

Here is another very important fact about the HAP that many Active Duty Military Veterans in Hawaii are not aware of.   If the Military Member purchased the house using a VA Loan in Hawaii and the HAP doesn’t cover 100% of loss, the VA Loan Guaranty might pick up the rest of the shortage so that the Military Veteran doesn’t have to come out of pocket with any money.  I am working on a HAP right now for an Army Helicopter Pilot who has this exact scenario.

If you own real estate in Hawaii, are an active duty service member and you need more information about HAP or short sales in Hawaii, call or email me anytime for a personal and confidential assessment of your situation.

HAP/Short Sale Program In Hawaii (A True Story)

HAP/Short Sale Program In Hawaii (A True Story)

Last year, “Roger” and “Crystal” needed to sell their Ewa Beach, Hawaii home because of a military PCS (Permanent Change of Station) move back to the mainland.

Due to the drop in prices from the time they purchased their Ewa Beach Single Family Home until it was time to sell, they found themselves in an upside down position just like many other Hawaii home owners.

They decided to list their home as a Short Sale adding to the already inventory of Short Sales in Ewa Beach.  Simultaneously, they applied for the HAP or Homeowners Assistance Program through the US Army Corps of Engineers.

After listing their home with Team Kucic, of RE/MAX Honolulu as a Short Sale, multiple offers were received, Roger and Crystal selected one offer from a VA Military Buyer in Hawaii and within 45 days, the lender approved the Short Sale and the transaction closed.

As part of the Short Sale Approval, the lender required Roger and Crystal to sign a promissory note saying they would pay back $XXXXX to the lender over a period of years at a 0% interest rate.  Roger and Crystal negotiated with the lender and got the lender to cut the amount by 50% if they paid the amount in full all at once.  The lender agreed.

Initially after the short sale, Roger and Crystals credit dropped 70 points.  After they paid off the agreed upon amount to the lender (50% less than what the lender wanted), the lender reported the transaction as “settled” to the credit bureau and their credit score went back up 40 points. When it was all said and done, they had lost 30 points on their credit score.

The HAPapplication that they submitted was disapproved because they had not seen a decrease of 10% or more on the price of their home.  I don’t know if the HAP folks are looking to Zillow or RealtyTrac to get their info but they (HAP) are WRONG about the 10%!  Their property definitely went down 10% or more.  This is unfortunate because Roger and Crystal met every one of the criteria set forth by the HAP program only to be denied due to HAP obtaining inaccurate information about home values in Ewa Beach.