What Homebuyers Will Gain From Purchasing Va Foreclosures

There are a number benefits that can be gained by investors and home buyers who opt for VA foreclosures properties

. These homes are offered at very low prices and provide a relatively safe transaction for those who wish to acquire new or additional residential properties.

What Are VA Foreclosed Homes?

These are houses that have been foreclosed on by the U.S. Department of Veterans Affairs. Some of these properties are previously owned by veterans who acquired them through their VA entitlements. Buyers of foreclosed residences from the VA can get loans secured by the department and guaranteed by the government.

Advantages of VA Dwellings

One of the primary advantages of purchasing foreclosed properties from VA is that the department will cover the closing costs. This can provide a lot of savings to buyers since closing costs can be as much as six percent of the total purchase price of the property. In some cases, down payments are not required from buyers of VA residences.

Another good thing about these homes is that the department will offer financing assistance to most buyers of VA properties. Non-veteran buyers need not worry about financing since even they can get hold of financing assistance as long as they satisfy the requirements of the department.

Aside from these benefits, buyers of VA foreclosures also do not need to worry about private mortgage insurance since the VA does not require one before releasing the property to the buyer. However, buyers should be aware that such dwellings are offered in an "as is" condition, which means that the buyer will be responsible for repairs and renovations if they are needed.

Process Involved

Purchasing a VA house follows the same process as when buying a bank foreclosure, except for the inclusion of the simultaneous offer period in VA transactions. This period usually lasts for 10 days. All offers received during this period are considered as simultaneously received, which means that the first-come first-serve rule does not apply.

The department will then examine whether those who made offers are able to satisfy the criteria of the department. If no offer met the criteria of the agency, the property will be relisted as VA foreclosures for sale and the process of selection will be repeated.

by: Joseph B. Smith

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