VA Property Info
I am considering looking at a property however in the MLS listing it says "This is a VA owned Property. The simultaneous Listing Period ends on Oct. 25th 2004" does that mean anything in particular?
Not sure if it is a foreclosure though.
Yes, that should mean that it is a foreclosure owned by the VA. You should be able to find it by searching for the VA foreclosures in your area. In my area I go to www.hud.gov and follow the links to 'homes for sale', then to VA homes.
I don't have any experience with VA foreclosures so do they usually allow discounts like 10% off listing or asking price etc?
I bid on one in Md. in 4/02.
I won after some tries.
VA used to make their properties in good condition before selling. (here, anyway)
It sounds like your property might be in the initial bidding period, where there are closed bids until the set date.
Did you look on the VA site for the listing?
Fmmp: Yes, they allow discounts and sell to the top bidder. It is a similiar process as Hud. Talk to a RE agent who has bid VA and they'll help you out. It may already be sold, though, if the initial period ended on 10/25.
Considering that you posted it on 27th and the simultaneous listing period ended on 25th, you found the property 12 days too late. VA has a policy(at least in Illinois, and I'm sure it's consistent through the US) to keep the property on the market for at least 10 days. All offers received during the initial 10 day listing period are considered to be received simultaneously(at the same time), are reviewed at the same time, and the best offer is selected(assuming it's acceptable to VA). If not, the property stays listed and all other offers are reviewed in the first-come-first-served basis.
Agree...find a realtor who had placed bids. And know that many do not, so keep asking, looking, asking, looking.
This ? led me to the site yesterday and I sent emails to several realtors who had the listings in my interested areas. I have heard from 2 out of 4 so far this morning. I personally think that the vendee financing for investors is worthy of considering.
"I personally think that the vendee financing for investors is worthy of considering. "
Me too. I am thinking of placing a bid on a
VA property, Vendee Financing. Non owner occupant.
I've been looking for mention/discussions of Vendee
Financing and am curious if anyone has any experience with it. ???
95% financing, no PMI
5.5% interest, 30 year term. (I'd like to go 20 on a rental)
2.25% points
$350 application fee, nonrefundable
$500 bank fee
Typical closing costs, title, deed, transfer tax, paid hazard insurance, tax pro rata, mandated escrow.
The margins are slim on VA stuff, but there are some nice deals out there for the homesteaders, at 100% financing.
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