The Department of Veteran Affairs has a program designed for assisting US veterans in purchasing their own homes. The program involves securing the mortgage loans of these veterans. In cases of mortgage default, the lender will have to foreclose the property. The lender will inform the Department of Veteran Affairs and get paid for the mortgage owed them. Once the debt is settled, ownership if transferred to the Department of Veteran Affairs and they would sell them as VA foreclosures as quickly as possible.
Buying VA foreclosures has some benefits not usually enjoyed with other foreclosure properties. For starters, all closing costs, which usually amounts to almost 6% of the total purchase value, are paid by the Department of Veteran Affairs. VA foreclosures do not require buyers to have a Private Mortgage Insurance. As a matter of fact, you can buy VA foreclosures even with very little or no down payment at all. You can imagine the instant equity you get once you own one of these VA foreclosures.
Another good thing about VA foreclosures is the financing option that the Department of Veteran Administration can provide you. This financing, available to anyone, is commonly known as VA Vendee Financing. VA foreclosures are also maintained and cared for and compared to other foreclosed homes, minimal repair is needed.
If you are interested to purchase one of these VA foreclosures, you should check out the listings first. These VA foreclosures are listed at the local real estate agent's Multiple Listing Service. It is always recommended for buyers to check out properties before making any offer. Once you decided on a VA foreclosure you can now make an offer.
This is done by submitting your offer to your real estate broker, together with a $500 earnest money, during a Simultaneous Offer Period. This period will last for ten days and once it ends, all offers will be assessed to know if they meet the minimum criteria set. If no offer met the minimum criteria, the VA foreclosure is re-listed once more. All VA foreclosures are sold "as is".
As a buyer, you can see how much return potential these VA foreclosures can offer you. You can use them as rental properties or fix them up and sell them again for a nice profit. You will only need very little capital but a lot of patience since buying VA foreclosures take some time. Offers and counter offers are normal until both the VA and buyer reach a compromise or agreement on the price of the VA foreclosure.
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