Need help with VA foreclosure!! - Posted by TeddyB_SC

import · September 9, 2003, 7:52pm

Posted by kgreen on September 10, 2003 at 06:52:21:

When purchasing VA homes all bids must be submitted to VA through a registaered broker or one of thier agents. VA will take a certain percentage less than thier asking price if you are the highest bidder on the property. Just remember that others will most likely be bidding on them as well. All information and bidding instructions are posted on the VA website. At least I know it is on the Florida VA site.

import · September 9, 2003, 7:52pm

Posted by TeddyB_SC on September 09, 2003 at 19:52:35:

Yesterday a loan officer at my local bank told me that the Va will not accept an offer for less than their asking price. I was told to fill out a contract, attach $500 to it, and mail it in. Has anyone had any experience with VA foreclosures. Did they take less than asking. If so, how were you able to negotiate.

Thank you
TeddyB_SC

import · September 10, 2003, 9:14am

Re: Need help with VA foreclosure!! - Posted by Tim

Posted by Tim on September 10, 2003 at 09:14:50:

I bought a VA foreclosure to live in. They were real buttheads to deal with, & I had to pay 98% of their asking price. Fortunately their asking price was only 80% of appraised value.

import · September 9, 2003, 9:53pm

Re: Need help with VA foreclosure!! - Posted by L.M.-GA

Posted by L.M.-GA on September 09, 2003 at 21:53:50:

I’ve been told it’s best to work with a realtor who list and sell VA properties, knows the “game” of VA negotiations, and will submit your bids to them. I’ve seen some VA properties purchased for less then their asking price, but it wasn’t a huge price cut…just a difference of $2000-$5000, but that’s still less you have to pay out

import · September 9, 2003, 9:01pm

Re: The V.A. - Posted by Ed Copp

Posted by Ed Copp on September 09, 2003 at 21:01:20:

is an agency of the federal government. They seem to be devoted to waste of time and money since they have an unlimited supply of both.

They like to just let properties sit and deterioriate while they play thier endless games with pricing … then eventually they reduce the price. Prior to that you can generally forget about a low offer, as a rule they just ignore them and return your offer to you.