Posted by Nate-VA on July 24, 2007 at 05:47:21:
Do you know of any VA hml lenders that deal with auctions? Thanks.
Possession after auction? - Posted by Nate-VA
Posted by Nate-VA on July 23, 2007 at 10:15:28:
When do you take possession after a foreclosure auction? Is it once you win the auction and make the downpayment or only after you close? The reason I am asking is because if I win the auction then I need to be able to get into the property to have an inspection/appraisal done to get the financing to close.
Thanks,
Nate
Re: Possession after auction? - Posted by max-Va
Posted by max-Va on July 24, 2007 at 05:40:05:
In Virginia, You pay approximately 10% the day of the sale. The balance is within 15 days. There is no redemption period. Once this is paid you recieve title with in 2 business days. Then You can start eviction or offer cash for keys.
Try hard money loans or a cash partner to buy and then refi out of them, after 30 days or so.
Re: Possession after auction? - Posted by Kevin IL
Posted by Kevin IL on July 23, 2007 at 12:03:46:
Nate - not sure how it works in VA, but in IL the foreclosures are a cash deal. On the day of the auction you put down 10-25% of purch price (depending on sale terms). You then have 24 hours to pay the remaining amount.
After this, the court must approve the sale and this can take 2-8 weeks. After approval of the sale you then can get started evicting if it’s occupied or get a court order for immediate possesion if it’s vacant. Eviction can take 30 days.
This is why it’s impossible to use conventional mortgages for auction purchases. It’s a cash game, or you’ll need access to a line-of-credit.