FAQ's

What is "Expanded HAP"?

How do I apply?

Will the application packages be handled in a first come first served manner?

What rights do I have if I am not satisfied with decisions made regarding Expanded HAP?

 What are the specific eligibility requirements for Permanent Change of Station (PCS)?

• owned home prior to July 1, 2006.
• have PCS orders dated between February 1, 2006 and September 30, 2010
• be reassigned to a new duty station or home port outside a 50-mile radius of the member's former duty station or home port. The orders must specify a report-no-later-than date of on or before February 28, 2010. These dates may be extended to September 30, 2012 at the discretion of the DUSD(I&E) based on availability of funds.
• suffered at least a 10% home value loss between July 1, 2006 and date of application for Expanded HAP benefits for the county/parish/city in which the primary residence is located, and
• 10% decline of personal home value loss from the date of purchase to date of sale.

Will my Expanded HAP benefits be taxable?

 Who pays the closing costs when the government purchases a home under the Expanded HAP?

Will I have to bring any money to closing?

If I rent my house before I sell it, will it impact HAP benefits?

Will HAP assign me to a realtor?

No, it is the responsibility of the homeowner to find their own realtor.  HAP recommends finding a local realtor familiar with the HAP process.  In San Diego, the Trident Realty Group is owned by two former Marine Corps Captains and has helped over a dozen local military with their HAP transaction.  You can contact them at 858.756.9287 or email at:  TridentRE@gmail.com

What better way to enjoy springtime in San Diego than a walk along the bluffs above La Jolla Cove with an award-winning glass of wine in your hand, listening to beautiful music drifting along with the breeze?

Island Divine is a premier food, wine, spirits and beer tasting event presented by the Junior League of San Diego. Our 10th annual event theme transports you to the beautiful and romantic Greek island of Santorini.

For more information about the award-winning wines, unique brews, delicious liqueurs and culinary delights that we'll offer, or to see some of the spectacular silent auction items and packages up for bid, visit http://www.islanddivine.com/.

Don't forget to check out all of the special perks that our VIP ticket holders are offered!

Buy your tickets online today at http://www.jlsd.org/?nd=island_divine

Governor Arnold Schwarzenegger proposed and extended tax credit as a portion of his job creation initiative to help bolster the real estate market in California.  The new tax credit will be for first time home buyers that purchase their home between May 1st and December 31st this year.  

The tax credit is for 5% of the purchase price up to $10,000. 

The bill increases the original $100 million dollar cap to $200 million to be provided as a credit to those looking to purchase their first home this year. The tax credit was originally designed to be available for buyers that were purchasing new homes and has been opened up to new and existing homes.  For more information regarding the tax credit please go to the State of California Franchise Tax Board .

1. What Is A Short Sale?

Technically speaking, a short sale is when a homeowner is selling their home at a loss and their lender, or more specifically the lien-holder of their mortgage, agrees to take the loss to prevent a foreclosure. The approval process can be lengthy as the homeowner will need to send their lender a letter detailing their hardship and why it is imperative for the homeowner to sell the home.  The approval process can take 90-180 days depending on the lender - generally speaking, if a homeowner owes significantly more than their home is worth, is struggling to make payments, or will be struggling in the future due to an interest rate adjustment, they will qualify for a short sale.

2. How Do I Know If I Can Conduct a Short Sale?

This will be answered by the lien-holder(s) of your mortgage.  For a successful short sale, you will need both the first trust deed and second trust deed, if applicable, to agree to the short sale.  Generally, a real estate expert that specializes in short sales will be able to give you a solid idea if you might qualify.

3. What Are the Benefits Of Selling My Home Through a Short Sale?

Avoiding foreclosure and saving your credit.  A short sale is much less adverse on your credit score as a whole - the impact on your credit will depend on how the lien-holders decide to characterize the loss as well as how many late payments you may or may not have.

4. What Are The Negative Effects Of A Short Sale?

Your credit score will be damaged - according to most sources a short sale will have a negative impact on your credit that can be repaired within 2-3 years.  This is a much better than a foreclosure that can have a negative effect on your credit for 5-7 years.

5. Who Do I Need To Assist Me In Completing A Short Sale?

You will absolutely need to have a short sale expert on your side.  It is best to hire a realtor that has a significant amount of experience handling short sales and one that works with an in house negotiator to handle the often labor intensive job of communicating with the lien-holders and shipping paperwork back and forth.  Mike Chiesl and Dan Chapman of Trident Realty Group are short sale experts in San Diego with years of experience. You can contact TRG at JustListedSD@me.com for more info.

The Villas at La Costa Resort and Spa in the La Costa area of Carlsbad provide owners with a vacation and spa lifestyle up to three months out of each year.  However, very few patrons realize the villas also provide a year around investment for owners as well. Some owners are realizing up to a 6% net on their whole investment.  From 2004-2006, the resort spent 140 million dollar renovating and rebuilding the resort.

The La Costa Resort was quite successful when they launched their whole ownership condominium villas as the entire resort sold out despite being released while the market was ticking down (2006 - 2008). The villas are fractional (limited use) in nature since you are permitted 120 days of usage during the year and may rent them for the rest of the time, either yourself or through the resort.

Currently, only resale units are available.  One bedroom approximately 1,000sqft units start around 600k while dual master 1,800sqft suites go for approximately 1.1million and floor plans range all the way up to 2,500sqft for approx 1.3million.

As of March 2010, all resale units are being offered by the resort's in-house real estate office which has shifted its focus to rental units since selling out the resort for the most part.  The one exclusive listing outside of the resort office is being offered by the Trident Realty Group. 

The Trident Realty Group unit is 7319 Estrella De Mar #17, a dual master floor plan with 1,810 sqft of living space and has three large view decks.  The unit is being offered for $1,060,000 which represents approximately a 10% discount from its original sales price.  The only model match unit currently on the market is being offered for $1,075,000 making 7319 Estrella De Mar #17 an outstanding value.

All units are fully furnished and owners are also provided with the La Costa Villas Signature Sport Membership (a value of $16,500) which allows access to the sport facility and private locker rooms, use of 17 tennis courts, access to the pools and jacuzzis, the Splash Landing Waterslide, preferred pricing on golf, dining, retail purchases, room service and spa treatments and special events.

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If you would like more information about this community or the San Diego coastal housing market in general, please contact me by phone or text at (858) 756-9287 or email me at danchapman@me.com.  Please feel free to search for homes on the most advanced MAP searching technology available at JustListedSanDiego.com.