Posted by Irwin on February 10, 2000 at 06:11:03:
Is this a property that is now in the foreclosure process (on a VA insured loan), or a property that is owned and listed for sale by VA after foreclosure has been comleted. It makes a big difference.
VA post foreclosure sales are usually based on some kind of market value appraisal done by licensed appraisers. Foreclosure sale prices might be based on appraisal, or the amount of debt owed, or a combination of both. Bidding is bidding, i.e. you can offer anything you wish. It depends on why you want the house.