| How is a CalVet repossession sold? | https://www.calvet.ca.gov/HomesForSale/Pages/How-is-a-CalVet-repossession-sold.aspx | How is a CalVet repossession sold? | <p>Each property is initially offered for sale through a sealed offer advertising period which is a competitive bid process. A "for sale" advertisement will appear in a local newspaper which services the area where the property is located. This advertisement will be listed for a period of at least fourteen (14) consecutive days. The property will also appear in the local MLS (Multiple Listing Service). An asking price will be stated in the advertisement, but all offers will be considered. Only sealed offers are accepted during this period.</p><p>To submit a sealed offer, download CalVet's , <a href="/HomesForSale/Documents/Homes_Offer_Form.pdf">Offer to Purchase Repossessed Property</a> form or you may use the standard California Association of Realtors Offer to Purchase. Please contact the Listing Agent shown in the property's detail page or fact sheet for beginning and ending dates of the sealed offer period and to submit an offer. </p><p>If the property does not sell as a result of the sealed offer advertising process, it will remain listed for sale and open to offers until such time as it is sold.</p> | | |
| If multiple offers are received on the same property, how does CalVet choose which offer is acceptable? | https://www.calvet.ca.gov/HomesForSale/Pages/multiple-offers-received.aspx | If multiple offers are received on the same property, how does CalVet choose which offer is acceptable? | <p>The Department attempts to sell repossessed properties to the highest qualified offeror. The highest qualified offeror is defined as the person who submits the highest acceptable offer (provides the highest net dollar amount from the sale) and who verifiably qualifies for the necessary loan. After the sealed offer period has ended, CalVet may determine no acceptable offers have been received.</p> | | |
| Is CalVet financing available? | https://www.calvet.ca.gov/HomesForSale/Pages/Is-CalVet-financing-available.aspx | Is CalVet financing available? | <p>Certain CalVet repossessed properties qualify for CalVet financing. The advertisement or MLS (Multiple Listing Service) will state if CalVet financing is available. If you are seeking CalVet financing, you must pre-qualify for a CalVet loan prior to your offer being accepted. CalVet financing is available to veterans and non-veterans alike on repossessed properties only.</p><p>CalVet Home Loans offers different loan programs and funding source types. Down payment requirements vary with the different loan programs. The availability of some funding source types depends upon the military eligibility of the purchaser.</p><p>CalVet financing is subject to CalVet's prevailing underwriting guidelines, loan terms, fees, and interest rate. Non-qualifying veterans and non-veterans purchasing CalVet repossessed properties are limited in loan programs and funding sources available to them and are subject to an interest rate of 0.5% (one-half percent) above the highest advertised interest rate.</p> | | |
| What is a Sealed Offer/Bid? | https://www.calvet.ca.gov/HomesForSale/Pages/What-is-a-Sealed-OfferBid.aspx | What is a Sealed Offer/Bid? | <p>A Sealed Offer/Bid is your offer to purchase the repossessed property. You may create this by sealing your offer into an envelope with only the property address listed on the outside. There must be not be any indication as to what your offer is on the outside of the envelope. All sealed offers are opened by the Department.</p> | | |
| What is an Offer to Purchase Repossessed Property form? | https://www.calvet.ca.gov/HomesForSale/Pages/What-is-an-Offer-to-Puchase-Repossessed-Property-form.aspx | What is an Offer to Purchase Repossessed Property form? | <p>This form is a summary of your offer in a standardized format. This allows CalVet to quickly review multiple offers and evaluate them for acceptability. You may obtain this form from our Listing Agent, or by <a href="/HomesForSale/Documents/Homes_Offer_Form.pdf">clicking here</a>.</p> | | |
| What type of documentation should I provide? | https://www.calvet.ca.gov/HomesForSale/Pages/What-type-of-documentation-should-I-provide.aspx | What type of documentation should I provide? | <p>When submitting your offer, please provide CalVet's <a title="Offer to Purchase Repossessed Property" href="/HomesForSale/Documents/Homes_Offer_Form.pdf">Offer to Purchase Repossessed Property</a> form and/or a complete California Residential Purchase Agreement.</p> | | |
| Where/who do I submit an Offer to Purchase Repossessed Property form to? | https://www.calvet.ca.gov/HomesForSale/Pages/Wherewho-do-I-submit-an-Offer-to-Purchase-Repossessed-Property-form-to.aspx | Where/who do I submit an Offer to Purchase Repossessed Property form to? | <p>Once complete, please provide your sealed bid to the Listing Agent assigned to the property. If you are mailing your offer to the Listing Agent, please place your sealed offer inside another envelope for mailing.</p> | | |