What an Everyday Person Needs to Know about VA Foreclosed HomesVA foreclosed homes can be a great deal for everyday people who want a good bargain, not just for the veterans.
In this changing time of real estate upheaval, it seems that VA foreclosed homes might be the best deal around. Not only are these foreclosed homes cheaper than other homes on the market, but they are also plentiful, meaning you have a wide variety from which to make your choice. But the process of choosing and buying a home is difficult no matter how good the price. Here's what you need to know about VA foreclosed homes.
Why are VA Foreclosed Homes Such a Deal?First things first, why are VA foreclosed homes such a good deal? These homes allow you to spend just a little money up front, just as a military veteran would. The lower down payment just makes more sense to those who don't have a lot of money to spare at the moment. Since you're buying a VA foreclosed home, you will also be able to apply for VA financing, which offers lower interest rates and often better terms as well as allowing the property to be insured more easily. Finally, the listing prices for VA foreclosed homes tends to be below the current market value of the home, which ends up cutting down on commissions, closing costs, etc.
How to Submit Your OfferIn order to purchase a VA foreclosed home, you'll need to get in touch with a real estate agent who is able to sell these sorts of homes. What they will do once you put in an offer is then submit the price offer to a listing broker. Or you might be able to start with the broker and go directly through them. It seems like a more tedious process, but it's just more complicated as there are numerous VA rules and regulations by which to abide. A real estate agent is a person who is licensed to help consumers sell or buy real estate while a realtor has the added benefit of being an active member of the National Association of Realtors.
Am I Qualified?Anyone can purchase VA homes so long as they qualify for a basic home mortgage, just as they would need to quality for buying any home. It is helpful to look at numerous VA foreclosed home websites and listings to see what the current prices are and what this might mean for your final offer. This way, you can make price offers based on the trends in the prices as opposed to simply buying a home at the listed price. Examine the features of each house as well to see if the price is acceptable for the features you will be able to enjoy.
You might be able to offer less for the home, for example, if you see that the home has been on the market for a long period of time. A real estate agent or the listing itself should state when the house was put on the market.
No matter your interest in VA foreclosed homes, you will want to look into these low priced and high value homes. For those who are just starting out, the investment is low, but the returns are high.