Posted by phil fernandez on May 11, 2000 at 09:00:00:
In my market VA guranteed loans are appraised and listed with brokers. VA allows for zero down so the prices never seem to get to a point where it makes sense from an investors point of view. I have only seen market value. You will be competing with consumers.
Bank REO with VA loan Going to Foreclosure - Posted by Steve C., Remax-Houston
Posted by Steve C., Remax-Houston on May 11, 2000 at 08:54:10:
I found a small house in a hot-selling area that is held by a bank. Their REO guy says it’s a VA loan headed to foreclosure in June, and that it will go to the VA. He can’t sell it to me.
Does anyone know how I can work this to acquire this property?
Thanks in advance!
Re: Bank REO with VA loan Going to Foreclosure - Posted by Steve-Atl
Posted by Steve-Atl on May 11, 2000 at 10:12:46:
I’m confused. If a property is a REO, that generally means the loan has already been foreclosed. If so, its owned by the bank now.
Maybe he meant the bank has chosen to sell it to the VA under the terms of the VA guarantee. If so, they could chose to sell it to you, but they probably figure that would not yield as much.