Posted by Nate on February 19, 2001 at 18:13:56:
VA will not lease/option the property to you. They will only sell it.
va foreclosure - Posted by jim
Posted by jim on February 19, 2001 at 15:48:52:
There is a house for sale in my town that has been foreclosed by the va. the sale price is at fmv. this would be my 1st deal and i wouldn’t do it because the rents wouldn’t cover the expenses. is there a posibility of a l/o here? who decides what it sells for? my guess is that the price is what the bank has into it am i correct?
thanks in advance for the input.
Re: va foreclosure - Posted by David Krulac
Posted by David Krulac on February 19, 2001 at 18:52:56:
VA doesnot l/o. The price is supposed to be FMV as appraised. They tend to be on the high side. They do fiance some properties to o/o. qhich can be a good deal as they require low down like $500, and are fixed for 30 years and are assumable. On the downside they don’t take much less than asking price, but as they say it doesn’t cost anything to ask, put in an offer.
Re: va foreclosure - Posted by Jim IL
Posted by Jim IL on February 19, 2001 at 17:52:24:
Jim,
I doubt you’d get any offer other than a cash offer past the VA.
You could always offer them WAY under FMV, say 50% and work up from there.
And if you get it under 65% FMV, then you can get a parter, flip it, or use hard money to close.
As to what the VA will take, and why?
Who knows til you ask?
The loan amount plus fees that caused the F/C is irrelevant in most cases.
Good luck,
Jim IL