Like HUD repo's, VA homes are sold through a bidding system by real estate agents. However, VA homes are much cleaner. The veteran's administration partially fixes their repossessed VA homes. They may also extend financing options to the seller that may include fewer costs, lower interest, and no repayment penalty. VA homes are not difficult to qualify for and you don't have to be a veteran to be approved. Having a real estate agent is a great way to go when purchasing VA homes. This is because procedures involved with government owned properties are consistently subject to change. In fact, the process involved with VA homes is currently undergoing changes right now. The FDIC, Freddie Mac, IRS, SBA, GSA, and Fannie Mae are lesser-known government agencies that also list repossessed homes. Though HUD and VA homes are more popular, these rare listings have selling prices nearer to market value and are usually cleaned and fixed up before listing. Your way to Foreclosure investing Purchasing VA homes and other foreclosures means dealing one on one with the property owner and at times the lender as well. The point is to reach an agreement that is beneficial to all parties involved. It is a common myth that VA homes may have title problems. Many times people believe that the property may be subject to liens and judgments. This is actually not the case. Lien holders are held in sort of hierarchy that determines who has first dibs on a foreclosure. When the VA homes go to auction, the senior lien holder or lender with first dibs will bid on a property if they want it. Only if they don't want it will it go to another lender in which case all other liens are then cleared away. |
