Hud And Va Repos
i have been trying to buy a va repo. they had lowered the price to 17900. i gave them a full price offer and gave them 24 hrs to respond. the listing agent told me that they have a 10 waiting period to let other people make offers. this sounds like an auction to me. can they legally do this? if they want to auction the property thats what they sould do not list it on the mls and take offers for 10 days. i had the same problem on a hud property 2 months ogo. something needs to be done about this.
HUD also has an investor period and an owner occupant period..so if you arent purchasing the property to occupy but as an investment only, you have to wait till it reaches investment bidding period.
Quote: i have been trying to buy a va repo. they had lowered the price to 17900. i gave them a full price offer and gave them 24 hrs to respond. tleeson,
In addition to our other comments, you also appear to be unfamiliar with the VA bid process.
You say you made a full price offer AND set a deadline. This just tells me that you did not really make a written offer on the required VA forms. If you had, there would have been no opportunity to set a deadline.
VA (and HUD) will only accept bids (offers) written on their forms, with all the required addenda, and with the required deposit. For VA, the bid must be submitted by the listing broker.
Unless you fill out the VA forms and give them to the listing broker, you have not made an offer.
READ some here:
http://www.loraincountysheriff.com/RealEstate_FAQ.htm
It may not be exact county but it gives you a start.
The minimum bid price for real estate sold at the Sheriff’s sale consists of court costs & deed and DOES NOT include real estate taxes that are due and unpaid as of the date of the Sheriff’s sale. The debtor has the right of redemption of the property until confirmation of sale is signed by the judge and filed by the court.
Upon receipt of the deed, if persons are still living on the premises whom you do not wish to remain, and they will not leave upon your request, you may wish to proceed with steps to secure an eviction through the Municipal Court having jurisdiction or post a fee to the Common Pleas Clerk of Courts & request a Writ of Possession (Restitution). If you request a Writ of Possession (Restitution) & the person(s) do not voluntarily move, you will be required to have a mover move & place the personal property into storage in Lorain County.
The Sheriff’s deed given to the successful bidder must be filed for record with the Transfer Office of the Lorain County Auditor & then with the Lorain County Recorder. Please note that fees will be charged by the Auditor & Recorder for their services.