Update on C4-HAP Process
Buying REO Homes, First Time Buyers
February 11th, 2010
In my last post regarding C4-Hap I expressed my concern that requiring a valuation by County appraiser prior to submitting purchase offer would cause an unacceptable delay resulting in lost opportunities for buyers. Sounds like the powers that be ultimately came to the same conclusion. Here is an email I received that updates process;
Here is the process:
1) C4HAP applicant receives an eligibility letter
2) They find a house
3) The realtor makes an offer with language that the purchase price shall be contingent on the appraised value of the property. Per the regulations, the purchase price must be 1% below the appraised value. The County has an appraiser that will be doing the appraisals on a 48-hour turn around. The County is paying for this appraisal and is used for the purpose of determine the purchase price. It does not replace the appraisal you will do for their primary mortgage. The lender will obtain their own appraisal just like normal.
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