Posted by Jeff on May 16, 2007 at 13:41:04:
Sorry, I posted in the wrong forum. I’ll get it right next time:)
But If anyone knows the answer, please feel free to comment.
Thanks again.
How do VA repos work? - Posted by Jeff
Posted by Jeff on May 16, 2007 at 13:36:51:
I know that you have to use a realtor to place your bids, but do I have to have all cash? I heard somewhere that you need 30% down at the time the bid is excepted but don’t know if that is true. And if so, how long do you have to come up with the rest of the money? I found a VA repo that has been forclosed on almost 4 yr. and is sitting boarded up. If I can buy right, I would like this to be me first flip. The cheapest house for sale in the area is $156k and the average is 185k in this size. These are not proper comps, I just spent the last 3 days driving the area and checking out asking prices from the take me boxes.
Thanks in advance for any help.
Re: How do VA repos work? - Posted by Tim
Posted by Tim on May 17, 2007 at 09:30:57:
I live in a VA foreclosure I bought a little over 3 years ago. I put up $1000 earnest money, paid the rest at closing just like any other deal. They may have changed the rules since then.