What is the correct process to aquire VA Foreclosures?
Is it a bidding process similar to aquiring HUD foreclosures?
Can foreclosed VA be purchased at a significant discount?
Any info will be greatly appreciated,
According to my realtor, the process is similar (find a realtor that can do VAs, bid, etc.)…she has said that the VA seems a little tighter on the price they will accept vs. the “asking” price. Apparently (at least here), they are not all that flexible on their price. Subsequently, they have some ‘hangar queens’ that have been listed forever. I looked at one from the outside and they have let the roof go. Now the mold is so bad that you can smell it from the outside of the house! Mold is a HUGE problem in Louisiana. This house is probably a total loss. They want $40,300 and I wouldn’t pay over about $20K because of the mold abatement.
I’m in a similar spot myself. The house goes on the auction block in 3 weeks. The owner is suppose to contact me today, at which time I’ll will offer him a way out. However, if this does go the full route to auction, thats where I’m a little lost.
I was also wondering about VA properties. I accidentally found one that is in default in Texas. If not paid in full, it will go up for Type I auction on March 24. If I am able to locate the owner and make him an offer, is there any special paperwork that the VA requires?
That is an awesome question, I dont have the answer to it. But if someone does, please make sure I know. If I cant make a deal with my neighbor, than of to the auction I go. Dont want to lose this house because something wasnt filed.
A company called “Ocwen” has the VA contract to sell the repossessions.
Their website is: http://www.ocwen.com/Home.cfm – see the section labeled “Veterans Affairs Contract”.
Keith