http://dc.urbanturf.com/articles/blog/local_title_insurers_stop_insuring_foreclosure_sales/3776
Two of the largest title insurers have stopped insuring REO titles in DC. This is due to DC's new regulations requiring lenders to enter into mediation with homeowners prior to foreclosing. The title insurers (1st American and Fidelity) have stopped issuing title insurance for REOs in the District because of the potential of former homeowner's challenging the validity of the foreclosure sale. Very important reading for everyone.
During the 2010 General Assembly session, Virginia has enacted a law that requires property owners with alternative septic systems to maintain their systems and prove that they do so every year. The law requires a yearly review of the system by a licensed septic contractor who will then file a report with the local county governement, satisfying the requirements of the law.
If you have received a letter from the Virginia State Health Department alerting you that you are subject to the law and must get an inspection - do so. Failure to comply could result in fines.
This law was considered and supported by VAR after some localities were trying to ban alternatie septic systems entirely. The law that we are now operating under was a compromise between those who wanted to do away completely with these systems and those in real estate who know what a disaster that would be.
If you or any of your friends, neighbors or clients are confused about the new requirements, they should contact their local Department of Health and ask for the person who handles environmental services. This person should explain the process and will refer the owner to the DPOR website for a list of qualified licensed contractors.
For realtors who would like to learn more - or have no idea - about selling HUD homes, MacDoc Realty is holding a training seminar March 29, 2011 at 1:00 p.m. at
MacDoc Realty
11928 Cherry Road
Fredericksburg, VA 22047
The seminar will provide agents with the ins and outs of selling HUD homes and will provide valuable information about the HUD selling process.
For more information, email: LuvnNLivn@gmail.com or call Rita at 571-330-0741
HUD has made some significant changes to their bidding process. To place a bid on a HUD owned property, go to www.HUDHomeStore.com. You can search for HUD owned properties at this site.
In order to bid on a HUD-Owned property, the Realtor must be a HUD-registered agent and have an NAID#.
The following is how HUD accepts, reviews and awards bids:
If the property you're bdding on is NOT in a revilization area and it's insurable or insurable with escrow, it's available exclusively to owner occupants only for a 10 day lottery period. On the 11th day, we will review all the bids submitted in those 10 days, and accept a bid. If no bids are accepted on the 11th day, owner occupants, non-profit organizations, and government entities are able to bids daily (daily just means if someone submits a bid 1 day, we can go in that same day and accept it if it's acceptable).
If no bids are excepted for 30 days, investers can start bidding after 30 days.
If the property you're bidding on is NOT in a revitilization area and it's uninsurable, owner occupants only can bid for a 5 day lottery period. If not bids are accepted on the 6th day, then owner occupants, NP organizations, government entities, and investers can start bidding on the 6th day.
For properties in a revitilization area that are insured or insured with escrow, only eligible GNND purchasers can bid for the first 10 days. If no bids are accepted, on the 11th day GNND purchasers are no longer being accepted and only owner occupants, NP, and government entities can bid for 10 days. On the 20th day, if no bids have been accepted, investers can start bidding.
For properties in a revitilization area that are uninsured, only eligible GNND purchasers can bid for the first 5 days. If no bids are accepted, on the 6th day GNND purchasers are no longer being accepted and owner occupants, NP, government entities, and investers can start bidding.
KEY:
NP = Non-Profit
GNND = Good Neighbor Next Door
Property Condition KEY:
IE = Insurable with repair escrow
IN - Insurable
UI = Uninsured (this means the property requires repairs estimated to cost more than $5,000 and is not eligible for FHA-insured loan, unless it's a Section 203(k) loan)
The area's most knowledgeable real estate professional. It gives me great pleasure helping my clients reach their goals. Serving Prince William Stafford Spotsylvania Fauquier Culpeper Counties
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2012 ActiveRain Corp. All Rights Reserved
