Home Buying in Daytona Beach>Question Details

Silverfox, Home Buyer in Florida

Need info about VA repos Ocwen

Asked by Silverfox, Florida Wed Apr 2, 2008

We happened onto a house that's for sale in the Daytona Beach, Fl area. It's a VA repo through Ocwen. I don't have any experience with this and I'm hoping someone can help me. I went to the Ocwen website & read through a lot of info. It says there is a 2.25% fee for the buyer (what is this & why? - I mean isn't buying the house enough?) also that there can't be contingencies, and that they either accept or reject an offer, no negotiation. How can I figure out all the closing costs (there is a LONG list on that website) & can these costs be financed as part of the mortgage or is it cash only? Also, how can I figure out what my offer should be based on the asking price? I think the house is probably priced right, but who knows with the morgage crisis and "recession". Also, we own our current house and since we would have to sell it or rent it to cover the mortgage pmts don't know how to fingure this out, either since they don't allow contingencies. ANY help will be greatly appreciate

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Our company has handled OCWEN listings in the past. Nearly all bank owned properties have unique issues associated with them. An experienced REO agent can maximize the pros and minimize the cons of such transactions.

Regarding asking price - forget the asking price. Bottom line is your agent needs to know how to negotiate with the banks. I do it every day.

Banks will not accept offers contingent on sale of your house unless it is under contract, and even then there are restrictions. There are always exceptions and it depends on the seller. I deal with about 15 different asset management companies and dozens of banks and they are all different.

As someone else on here pointed out, it is not a good time to sell unless you have equity and can roll it over to a screaming hot deal.
0 votes Thank Flag Link Tue Mar 10, 2009
Hi Cece. Ocwen no longer handles the VA repos. I heard it from a reliable source. Ocwen has not enjoyed a very good reputation in how they were handling the asset management and rumors of them losing the VA account had been flying around for some time now. The fact that they took the VA repos of their website confirms that they no longer handle VA repos. I am not sure who handles them now.
0 votes Thank Flag Link Sun Sep 7, 2008
Ute Ferdig -…, Real Estate Pro in Newcastle, CA
MVP'08
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Lately, ocwen took its VA repos off website, i dont know why. i live w/ daughter and family in a va repo -bought house this spring thru ocwen's website. have referred relatives. they ocwen r great. now is time to buy a house. fix up and rent yrs out if u want to keep it, but u can sell the house if u really want to do what u have to do. it's a buyer's market right now.

i am trying to get 2 sons to get houses now thru va repos. $500 down and small closing fee which is taken out of the loan amount. get the best agent u can to handle yr business. now 6% interest.
0 votes Thank Flag Link Sun Sep 7, 2008
keep your house
not a good time to sell a house

anyways

good luck
0 votes Thank Flag Link Wed Apr 2, 2008
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