VA an brains...lol - Posted by Jonathan_FL

Real Estate Investing
1

Posted by Kate (VA) on December 27, 2000 at 15:34:06:

Jonathan,

I don’t know if this is true in your area, but my realtor told me that VA wouldn’t consider offers for more than 5% below their listed price.

Kate

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VA an brains…lol - Posted by Jonathan_FL

Posted by Jonathan_FL on December 27, 2000 at 12:35:13:

Has any body been able to pick up a VA deal latley? I found one that has a FMV with repair and improvemets of 90K. They have it listed for 54K I offered 30K cash close in 30 days or sooner and can back rejected. It has termite, rotten wood, needs new roof & trusses, pool dedk needs replaced and pool needs resurfacing. I figured 25-30K in hard dollars for me to repair it. If a home owner had it done it would be close to 38-45K. Real estate agent told me that they are selling them for listed of above bid price. It has to be cash price becuse there is know way that a lender is going to loan on something like this. I just thought I would ask

Jonathan

3

Re: VA an brains…lol - Posted by Mark (SDCA)

Posted by Mark (SDCA) on December 28, 2000 at 10:13:26:

I recommend following up on this one. Kate is correct that often VA will auto reject any offers more than 5% below bid price. But if the property doesn’t sell then VA will lower the price.

Also, many times these VA homes sell and then get kicked back to VA. So even if it does sell, keep watching the list.

Mark

4

Re: VA an brains…lol - Posted by Paul NM

Posted by Paul NM on December 28, 2000 at 10:11:46:

I know of two that have sold recently in NM. The first was a site built listed at $32,000 for 16,000 and the second was a handyman doublewide listed for $45,000 and sold for 33,000.

Paul NM

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Re: Seller is NOT MOTIVATED, - Posted by Ed Copp (OH)

Posted by Ed Copp (OH) on December 27, 2000 at 18:50:35:

and has an unlimited supply of cash (the full faith and credit of the citizens of the United States of America).

If the V.A sold all the property that they have right now, then tens of thousands of government employees would be out of a job (not necessarily out of work, because they do very little anyway).

So if they don’t sell it this month then they can try to not sell it again in six months or so, without disturbing the job and benefit package that they have. Sounds to me like the seller is NOT MOTIVATED (LOL).