What all is involved, how fast does the processs take. Also can you slow the process down, in order to sell my house that I am currently in...if not how can I slow it down if they accept my bid. Do you recommend getting the loan through the VA...as a Vendee. I am not a veteran, but somehow I have the option to get a VA loan, is this a good thing? Pros and Cons to this whole thing: buying a foreclosed VA home, and financing throught the VA. What would you recommend, also other suggestions. Also this house has some damage (garage door, half finish room additons, termite, and bath room water damage. ..and they are selling it as is...but it is not too bad of damage and it is in a very nice neighborhood.
2006-10-31 05:43:47 · 4 answers · asked by blazer 2 in Business & Finance ➔ Renting & Real Estate
There is quite a process when buying foreclosed homes but it's worth the work. If you can get the financing through the VA that's definitely a plus. The only reason that they are offering you financing is because they now own the home and it would be more profitable for them to be the re-investor (and get the interest).
If the house has the potential to be a real find I say go for it. If the damages are not that bad then just analyze what the VA wants for it relative to the market value.
Here’s a link to an article about buying foreclosures.
http://www.foreclosure.com/stateprocedure_CA.html
2006-10-31 09:22:52 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I am not sure about the VA loan, but I just recently bought a new house in AL. Just going through a morgage company it took about 3 weeks. It was kinda a CRAZY process. If the price of the house is discounted enough to make up the difference of the repairs and the neighborhood is as good as you say then go for it. I might would have an appraiser come out and make sure the difference is worth your time. Plus you have to think about the fact that you have to worry with closing cost + termite inspection + insurance and all of that mess. Make sure that you think about all of the expences before you invest in a house with that much damage
2006-10-31 13:53:17 · answer #2 · answered by TNL 4 · 1⤊ 0⤋
Have you pre-qualified through a mortgage company? Can you qualify for this house even if yours does not sell by the closing date? If you answer no to either of these, I wouldn't submit a bid. VA and HUD (and most bank owned properties) cannot be bought with financing being contingent on the sale of another property.
Even if you go with the vendee financing, do get pre-qualified through a loan officer that your Realtor trusts. If you cannot close, you will have wasted the money for your inspection.
2006-10-31 14:32:01 · answer #3 · answered by teran_realtor 7 · 1⤊ 0⤋
The VA loan just means you dont need the down payment, so take what downpayment you have saved up to fix the damage to the house!
2006-10-31 14:39:56 · answer #4 · answered by kittiesandsparklelythings 4 · 1⤊ 0⤋