These four letters can be a blessing and a curse for anyone who has to learn what they mean as they represent and the rules that govern repossession and foreclosure. The acronym meaning Home Owners Protection Act established in 2017 is set out to do just that protect homeowner's from unfair practices around the foreclosure of real estate.
The short version that is upsetting the market why in the world am I seeing this property available for online if it's not available for purchase.
Based on the conditions for sale noted in HOPA documentation an institution intending to exercise the power of sale clause in the mortgage they must market the property at market value for a period of six months before returning to court with result. The judge may at such time based on an update from both parties may order vacant possession of the property or postpone the order of sale for another period if the owner has met the ordered terms of payment.
What can you do when you see the below notice under an interested listing?
Property is not available for the next six months! There is no access to the inside at this time, therefore, only drive-by viewings are available.
You can make a full price offer on the property, in hopes that your offer will be first in line and considered after their return to court. You can, with the help of your agent make the offer "subject to viewing" which gives added protection if after seeing the inside you choose not to proceed.
But I have been suggesting my clients overlook HOPA properties as I have never has any client succeed in the bidding process and it is a big ask for someone to make an offer without having seen the interior.
At the time of writing this I'm only reading the HOPA doc for the first time and it may be something I can help clients succeed at in the future but they often times seems like a hopeless case and I suggest looking at other options to purchase, that are available now.
You can see all the listings available by clicking here. Or if you are facing foreclosure please contact me to see how I can help.