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Updated over 4 years ago on . Most recent reply

User Stats

7
Posts
3
Votes
Matthew K.
  • Herndon, VA
3
Votes |
7
Posts

Resale on Affordable Dwelling Unit Foreclosure

Matthew K.
  • Herndon, VA
Posted

I am considering a serious run at a foreclosure in a desirable area. When doing my due diligence, I saw that the unit is a designated Affordable Dwelling Unit; however, the 15-year control period has expired. My understanding is that a portion of the resale of an ADU goes back to the county. My question is; if I buy a foreclosed ADU with an expired control period, am I still held to the original ADU restrictions? If I decide to rent after rehab, will the monthly rent be less than market value? If I decide to rehab and sell, will I be responsible for sharing some of the profits with the county?

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