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Pasley Realty Inc. |
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Property Sales & Management |
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Pasley Realty Inc. |
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Property Sales & Management |
You need not be a veteran to bid on VA foreclosures. The VA acquires properties that were financed with VA insured loans and have been foreclosed upon by the lender. Buyers should be aware they are buying a previously occupied property without warranties expressed or implied or any kind or promise for corrective work to be done later. All properties are sold "As Is", without further repairs or warranties of any kind on any system of the home. This is true even if VA has repaired the property prior to listing or sale. The buyer is encouraged to have the property professionally inspected.
VA Foreclosure properties are available with zero down for owner occupied properties (buyer intends to live there) or 5% down for investor purchases.
Closing Cost: Note, zero money down does not mean you will not need money to make the purchase. You will have closing cost and other fees to pay including but not limited to: application fees ($350); closing cost ($500); and funding fee of 2.5% of loan Funding fees may be waived for qualified veterans receiving VA compensation. Closing cost may vary from property to property.
VA Vendee Financing: VA Foreclosures often have Vendee Financing available! This means the Department of Veteran Affairs is offering to make loans directly to qualified buyers (resident or investor) even if you are not a veteran. This is not the typical VA loan guarantee where you obtain financing from a local lender with VA loan guarantee, the VA is the lender here. With their lower fees and down payment requirements VA Vendee financing may be a great deal for you. For more information download VA Vendee Brochure by clicking here. Buyer must be approved and qualify for vendee financing. Only properties that state Vendee Financing or Special Financing available offer Vendee financing. For all other properties, the buyer must obtain their own financing.
I must stress that VA foreclosures in the Southern California market place are rare and are most often found in the remote areas out in the desert.
For information on VA foreclosures in your area please contact Pasley Realty Inc, or visit Current California VA foreclosures.
The above information is believed to be accurate, but is not guaranteed. Buyer should verify all information. VA has specific terms and conditions which apply to all properties offered for sale. All sales are AS IS and WITHOUT WARRANTY of any kind.
The above information is an excerpt of information obtained from the VA. For complete information contact your real estate professional. Not an offer to lend or an inducement to make a loan.
Copyright© 1998-2008 Pasley Realty Inc., All rights reserved, updated 27 March, 2008.