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Hookay...Who gets VA loans? And what is a VA loan?
Don't you get that that's a really nice way of saying, "It's all messed up, to the point that between the Department of Veterans Affairs and Nationstar Mortgage and the poor sap that was foreclosed on, no one is going to expend further resources on this. You get to buy it at a discount, do all the crummy legal work, and hopefully, at the end, have a house that you DO have legal title to, and sell it to a normal buyer for more than you sold it."
If they could sell it nice and tidy to the Biology teacher at the local high school they wouldn't be selling it at a discount.
But the issue is convoluted enough that no traditional buyer will get a traditional mortgage because as it is right now, the issue of ownership is clouded enough that they won't get title insurance.
So, you buy it for cash and go through all the legal hoops to get that title, then you sell your investment for a tidy profit.
Good comment. We'll take a visit out there in the woods (actually 8 homes on a private road)and look some more. Then engage an agent if our interest continues.
Good comment. We'll take a visit out there in the woods (actually 8 homes on a private road)and look some more. Then engage an agent if our interest continues.
Your read all that and it sounds hopeful to you? Something you want to pursue?
Yes, do go look at a few of these foreclosures... You need to learn what happens to these homes when they are abandoned and sit vacant for years, as this one undoubtedly has. They mold, they rot, they suffer from vandals and vermin and weather... and they fall apart. You need to see that in person. You can't get it all from HGTV.
I would encourage you to engage a buyers agent (I know that's falling on deaf ears but I have to say it!) so you can get legal access to the property and not put yourself at risk of being accused of trespassing. It might be news to you, but you don't have any right to walk and look around a property without permission, just because it's for sale. An agent has permission.
Trust me, the neighbors of these properties get tired of chasing out squatters and kids looking for a place to party. It is NOT a bad thing to have an agent with you to run interference with neighbors and police, and help look out for everyone's safety.
Your read all that and it sounds hopeful to you? Something you want to pursue?
Yes, do go look at a few of these foreclosures... You need to learn what happens to these homes when they are abandoned and sit vacant for years, as this one undoubtedly has. They mold, they rot, they suffer from vandals and vermin and weather... and they fall apart. You need to see that in person. You can't get it all from HGTV.
I would encourage you to engage a buyers agent (I know that's falling on deaf ears but I have to say it!) so you can get legal access to the property and not put yourself at risk of being accused of trespassing. It might be news to you, but you don't have any right to walk and look around a property without permission, just because it's for sale. An agent has permission.
Trust me, the neighbors of these properties get tired of chasing out squatters and kids looking for a place to party. It is NOT a bad thing to have an agent with you to run interference with neighbors and police, and help look out for everyone's safety.
More two cents, for what they're worth!
Will do after we take a ride out there.
I saw the no title for a fairly large home.
Demanding cash only buyers sure is cutting out most buyers today which is ridiculous.
The only reasons I can think of is the seller wants a cleaner offer where they do not have to wait the 6-8 weeks for the bank to make a decision and do their inspection and appraisals.
There may be a defect with the house that might not have it appraise for the asking price or other things the seller refuses to fix.
And watch out for annoyed neighbors with shotguns, or meth-cooker squatters.
I own a house in a rural area, with someone I know working on the property almost every day, and I get tense every time I open the door after several months away, not knowing what/who I might find within.
And watch out for annoyed neighbors with shotguns, or meth-cooker squatters.
I own a house in a rural area, with someone I know working on the property almost every day, and I get tense every time I open the door after several months away, not knowing what/who I might find within.
We've come upon one house in recent memory with squatters actively in it! It's too late, when you realize you're down at the end of a really long driveway with no good place to turn around and our client behind us in her own car, blocking our quick exit, and not understanding the danger we were now in.
I went to the website which showed the first cash only property mentioned in this thread. I got 3 e-mails and 3 phone calls from real estate agents in under an hour. They explained their version of cash only and then wanted to assist in similar properties. We prefer to look around and when we find something then engage an agent.
As far as the one about title here is the entire description:
Owned by Nationstar Mortgage and the previous owner was Sec. of Veterans Affairs.
Large 3 Bedroom 2 Bath manufactured home on 3 acres. Large living area, dining room, split floor plan. Walk in closets. SOLD AS IS, Cash only. Seller will not provide title and will require buyer to sign a hold harmless agreement.
The last question was "seller will not provide title." Well that title is held by mortgage company and how would the Sec. of Veterans Affairs gained ownership and what does Secretary of Veterans Affairs tell us about the original owner which was an individual.
The seller is the mortgage company. The seller will not provide the title. Who will?
FYI Nationstar Mortgage has been "Mr Cooper" for over a year now.....
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