A VA foreclosure list is the perfect way to possibly find a great buy on what may be your dream house. A VA loan is a loan given to a Veteran by a bank, but guaranteed by the VA (Department of Veterans Affairs). They guarantee the bank that if the Veteran cannot continue to make the payments; they will take over the loan. The Veteran is also sometimes given better interest rates than traditional mortgage loans because the loan is guaranteed. In spite of this, many homes belonging to Veterans find themselves on the VA foreclosure list.
The VA foreclosure list is a list of the homes that are now owned by the VA because they have been reposed through foreclosure. This list may be found online, at your local county recorder's office or through the Department of Veterans Affairs. You'll find an entire list of homes that can be purchased from the VA. You can narrow your search down to specific locations if you search online or through the VA. Many real estate agencies are often chosen to list these homes and try to sell them.
Each real estate agency will handle the sale of these homes differently. Some of them will list them as they'd list any other home. Other agencies, however, put the VA foreclosure list of homes up for bids and give the public only so many days to bid on the different homes. Usually they are given 10 days. At the end of the 10 days, they take all the bids they've received and turn them over to the VA. The VA has the right to reject any bids if they are too low. They often will take the highest bid and make a counter offer.
If you don't want to go through a real estate agent, you can get the VA foreclosure list directly from the VA Department. They'll be able to give you information on the homes such as size, value, location, etc. They may also be able to help you get financing if you are a Veteran.
Many people that are looking for a VA foreclosure list choose to use the internet for their searching. This is convenient and can be done in your own time. There are wonderful search engine capabilities online where you can break it down into the state or city you are looking for homes. If these homes are listed with a real estate agency, it will tell you what agency and how to contact them. A VA foreclosure use can be an exciting way to find a home at an affordable cost.
The foreclosure rate of homes is at an all-time high today with homeowners losing their homes every day. The combination of a shaky economy, high interest rates and the high cost of homes are all making it very difficult for couples or individuals to purchase a home. If they are able to purchase a home, these vary same factors listed make it difficult to keep their home. There is no specific income or demographic group that is affected by foreclosures more than another is. Even veterans that have purchases their homes with the help of the Veteran's Administration (VA) are being affected by the economy and the high rate of foreclosures. VA foreclosure homes are listed on the market every day.
When a veteran purchases a home with a VA loan, the lender offers a lower rate of interest because the VA is guaranteeing the loan. They guarantee that if the veteran cannot make the payments and the loan gets in default, they will pay off the loan. With the guarantee from the VA, foreclosure homes are not a large concern with banks and lending institutions as they would be with an independent borrower. When a VA loan goes into default, forcing the VA to pay off the loan, they take over ownership of the home and attempt to sell it.
VA foreclosure homes that are paid off by the Veteran's Administration are put up for sale to other interested buyers. Through the help of the VA Vendee Financing program, many non-veterans can purchase VA foreclosure homes. Not only can they purchase these homes, but also they get help from the VA Vendee Financing program. This program helps non-veterans to purchase these VA foreclosure homes at a lower interest rate than they would find at a bank.
The requirements to purchase these VA foreclosure homes are not as strict as if they were getting a loan from a bank. The VA is the one that sets the interest rate, usually less than banking rates. Buyers are not required to make as high of a down payment as banks would require, with some down payments being as low as 5% down. In addition, they do not require some of the other fees that banks do such as flood certification fee, appraisal fee, required tax service or mortgage insurance.
The closing fees on VA foreclosure homes are very low, which makes it more possible for many investors to purchase these homes. There is a VA funding fee, which is usually 2.25%. The only verification the borrower has to provide is the last two years' income and employment. They also have to show they can provide the closing fees. The VA foreclosure homes are sold on an as is basis, so any needed repairs have to be paid by the new owner.
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