VA foreclosures are an excellent source of bargain homes for both investors and home buyers. VA home for sale is the result of a foreclosed government guaranteed veteran loan.
There are less VA foreclosed homes on the market than HUD homes because there are less VA guaranteed veteran loans than FHA loans. Although there are fewer VA foreclosures on the market you still should consider them if you are looking for bargains.
VA home foreclosures are managed by Ocwen Loan Servicing for the Veteran Administration. It is Ocwen responsibility to prepare the VA foreclosed home for market and the marketing of the property.
The process of buying a VA foreclosure is similar to buying any other bank foreclosure with one exception. Ocwen has a waiting period for new listings of VA homes for sale called a 'Simultaneous Offer Period.' It is also for listings with price changes.
The Simultaneous Offer Period is defined by Ocwen as the minimum competitive listing period for receipt of offers to purchase VA foreclosures. All offers received during the Simultaneous Offer Period are considered received simultaneously.
At the close of the Simultaneous Offer Period, Ocwen will evaluate all offers received on a VA foreclosure home to determine if any offer meets the minimum criteria established by the VA for acceptance. If the minimum criteria have not been met, Ocwen will continue to list the VA foreclosure for sale after the close of the initial Simultaneous Offer Period.
The Simultaneous Offer Period is usually 10 days after the listing is listed.
All VA foreclosures are listed on the local Multiple Listing Service by local real estate agents. Making an offer on VA foreclosed homes is similar to making an offer on a seller-owner property. Although your real estate agent will get the necessary forms on-line to submit an offer, all offer are sent to the listing agent. The listing agent then submits the offer to a representative of Ocwen. You need to locate a real estate agent that has experience in buying VA foreclosure homes.
If an offer is not accepted on a VA home for sale, VA will counter offer just like a seller-owner would do. The process of getting an accepted agreement can be slower than a seller-owner.
VA home foreclosures are sold in 'As-In' condition. VA will not make any repairs. Ocwen also requires a $500 earnest money deposit on all offers.
One big advantage of buying VA foreclosed homes is that VA will provide financing for some of them. It is called 'VA Vendee Financing.' It is available for both Veterans and non-Veterans.
VA foreclosures can be a great source of finding a bargain home to live in or as an investment. You can do a search in your area for VA foreclosure homes on my website.
Author: Al Hardymon
Author Bio:
Al Hardymon is an experienced real estate broker in buying and selling HUD homes for both his clients and himself. You can do a FREE SEARCH for HUD HOMES in your state at his website: www.the-hud-home-expert.com which is an informational center for buying and selling HUD HOMES for SALE.
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