vabidinfo

DEPARTMENT OF VETERANS AFFAIRS

BID INFORMATION

Department of Veterans Affairs offers the following properties for sale. Offerings are subject to prior sale, withdrawal or change without notice and all transactions are subject to the provisions of VA Form 26-6075, Offer to Purchase and Contract of Sale, on which all offers must be submitted (through a licensed Real Estate Agent. The offer which best serves the interest of VA will be processed for acceptance from those received within 14 calendar days following the public appearance of the initial or revised listing. Properties on this listing are available for sale at or above the stated list price. However, reasonable offers (as determined by VA) below the stated prices will be considered for acceptance.

The following person and business entities are considered VA-affiliates: employees of the VA office listing the property, the management broker to whom the property is assigned, and the spouses, parents, in-laws, children, step-children, brothers, sisters of, and person who reside with, any of the above, as well as the management broker's partners, employees and sales associates. Purchase offers received from VA affiliates are not eligible for consideration during the simultaneous period. If no acceptable non-affiliate offers are received during the simultaneous period, affiliate offers received during that period will be processed as if received immediately following the end of the period. All such offers will be considered to have been received simultaneously and the affiliate offer that is in the best interest of VA (and meets the other terms of the listing) will be accepted. The payment of a real estate sales commission is NOT authorized when the purchaser is a Loan Guaranty employee at the listing station who is involved in the pricing of VA-acquired properties, the management broker to whom the property has been assigned and partners, employees and sales associates of the management broker, and cohabitants and relatives (as described above) of these affiliates.

HENCEFORTH, LOANS MADE BY VETERANS AFFAIRS TO PURCHASERS OF VA ACQUIRED PROPERTIES, MAY NOT BE ASSUMED WITHOUT THE PRIOR APPROVAL OF VETERANS AFFAIRS OR ITS AUTHORIZED AGENT, SUCCESSORS OR ASSIGNS.

PROMISES MADE BY SALES BROKERS OR THEIR SALES AGENTS WHICH ARE NOT AGREED TO BY VETERANS AFFAIRS IN WRITING MAY RESULT IN THE SUSPENSION OF THE BROKER FROM PARTICIPATION IN THE PROGRAM. IN ADDITION, ANY SUCH PROMISES MADE ARE THE FINANCIAL RESPONSIBILITY OF THE BROKER.

1. Offers will not be accepted on properties that do not appear on this listing.

2. The information disclosed on know items that need to be repaired is provided to help potential buyers consider the condition of a property prior to submitting an offer to purchase. Please see the individual listing and refer to the legend shown at the bottom of the listing. VA does not offer any warranty, expressed or implied. All defects disclosed on the sales listing must be shown in Section 1 of VA Form 26-7605d, Addendum to Offer to Purchase and Contract of Sale.

3. Properties listed as "Contractor's Special" are in poor condition and are not believed suitable for immediate occupancy and which may require expensive repairs to utility systems. These properties may contain lead-based paint.

VA WILL NOT DO ANY REPAIRS TO THESE PROPERTIES NOR RESTORE PAINTED SURFACES.

"Handyman Special" properties are also in poor condition, not considered suitable for immediate occupancy and will not be repaired - they do not contain lead-based paint.

4. All investors offers requesting vendee financing will require a downpayment of 10% of the purchase price. The 10% downpayment requirement applies to the purchase of any property which will not be the purchaser's primary residence.

5. TERM and CASH offers require a minimum $1,000 earnest money deposit. All forms and correspondence must show the loan number as listed, including the prefix PMH.

6. Broker's commission, not to exceed 6 percent of the purchase price, is earned at closing and paid upon receipt of closing documents.

7. The current interest rate for VA vendee financing is 8.00% for terms up to 30 years. Annual percentage rate is 8.25% (Approx.). This rated will remain in effect until a change in the interest rate is re advertised in our Multiple Sale Listing. The current Cash Equivalent Factors (CEF) on all TERM offers is 96%, refer to VA Form 26-6705C line 3D.

8. Hazard insurance is required for all vendee loans. In some areas flood insurance may also be required. All policies must be equal to the unpaid balance of the loan or the insurable value whichever is less; However the amount will not be restricted to the protection of the VA's interest. The mortgage clause will read as follows: "The Secretary of Veterans Affairs, an Officer of the United States of America, successors or assigns, c/o Seasons Mortgage Group, Inc., 9325 Midlothian Turnpike, Suite A, Richmond, VA 23235.

9. Listings subject to the simultaneous period will specify the date the simultaneous period expires. All offers subject to the simultaneous period must be received by 4:30 PM on the day the bid period ends.

10. Real estate taxes will be prorated at settlement. To close, the buyer must pay the down payment, first year's hazard (and flood if required) insurance premium, prepaid interest, lump sum to escrow for tax and insurance and a 2.25% funding fee. Insurance escrow can run 2/12th and tax can run from 2/12th to a full year depending on closing date and due date of taxes. Also, the buyer must pay the recordation fees for the recording of both the Deed and Deed of Trust at the local courthouse. All of these costs shall be borne by the purchaser and cannot be financed. We have no objection if these fees are paid by a third party, provided that full disclosure of such payments is made to the VA in Item 18 on VA Form 26-6705b.

11. Offers seeking non-vendee financing which involves the payment of loan discount points, loan origination fees and closing costs by VA must state in the purchase offer addendum (VA Form 26-6705c) the amount VA is being asked to pay. VA will not pay any of these costs unless they are listed on addendum and deducted form the offered price. Even then, VA will only pay actual costs which, in VA's judgment, are reasonable and customary. If any of the costs due at closing are different from the amounts requested on the addendum, VA will pay no more than the total of the previously requested amounts for discount points, loan origination fee, and closing costs. Should the total due at closing be less than the total amounts previously requested for these items, VA will pay only the lower amounts as reasonable at that time.

12. To simplify the selection among competing offers and to assure that the offers selected is the most financially beneficial to VA, priority will be given to the offer which provides the "highest net return to VA" and which otherwise meets the terms of VA's listing of the property.

13. All properties may be eligible for the "Homeless Providers Program" - contact this office for further information.

14. Many homes built before 1978 may contain lead-based paint. These properties present exposure to lead from lead-based paint that may place young children at risk of developing lead poisoning. Lead exposure can also pose a risk to pregnant women. A VA Form 26-6705, Offer to Purchase and Contract of Sale, submitted on a property built before 1978 is contingent upon a risk assessment of property inspection for the presence of lead-based paint and/or lead-based paint hazards. The purchaser may remove the contingency at any time without cause, or the duration of the contingency may be modified by agreement between the purchaser and VA; otherwise, the contingency lasts for 10 days after the date the offer is selected by VA, and the ending date will be stated in VA Form 26-6705e which will be sent to the purchaser or the purchaser's agent when the offer is selected. The purchaser is responsible for ordering, and will bear the expense of, any risk assessment of inspection obtained under this contingency. We have annotated all properties built before 1978 with a "C" or "L" and if we have determined lead-based paint or lead-based paint hazards are present in a particular property, further identified a description of the location and condition of the paint and/or hazards in the particular property listing.

15. For further information on submitting offers to the VA, please refer to the "Homes for Sale" VA Handbook.

16. VA WILL NOT BE HELD RESPONSIBLE FOR ERRORS OR MISPRINTS. NOTICE OF RETRACTIONS WILL APPEAR IN THE REAL ESTATE SECTION OF THE PAPER.

17. Vendee Loans: Effective for all purchase offers for VA-acquired properties received in field stations on or after September 10, 1998, the interest rate on new vendee accounts will be 6.75 percent. Offers pending acceptance and offers which have been accepted but for which sales closing packages have not been prepared and dispatched from field stations will also be closed at the 6.75 percent rate unless the offer was accepted at a lower rate previously in effect. In the event that September 10 falls during a previously advertised simultaneous period for a particular property, all offers received for that property during the simultaneous period will be considered received at the lowest rate in effect during the period.

ATTENTION BROKERS:

The VA Funding Fee is now 2.25%.

MAIL OFFERS TO:

Department of Veterans Affairs

Property Management

Section (263)

210 Franklin Road, SW

Roanoke, VA 24011

The TeleInfo System (757) 340-0600 and the Property Management Bulletin Board System (540) 857-2735 are updated daily and will provide information on accepted offers and properties available for sale. The TeleInfo System is accessed utilizing a personal computer with a modem. The TeleInfo System is updated between the hours of 2:00 and 3:00 each day an the PM BBS is updated by 2:00 p.m. each day. Calls may be made 24 hours a day, 7 days a week.

The Roanoke Regional Office Property Management Section telephone number is (540) 857-2141, office hours are 8:00 - 4:30, Monday through Friday.

This data is provided through a strategic alliance between Digital City Hampton Roads and BisRE.com.