What are VA Homes ?
Much
like HUD, homes that are financed using a VA guaranteed
loan and foreclosed upon due to non-payment of the loan,
are acquired by the VA in order to recuperate any losses
incurred from the foreclosure.
Once
acquired, the VA will try to list the home for sale as
soon as possible. Home are available to veterans and
non-veterans, owner occupants and investors.
Once
the property is ready for market, it enters into a
"Competitive Bid Period" where all bids received
during this timeframe are considered as being received
simultaneously by the VA.
If
an acceptable bid is not received on a property during the
competitive bidding period, the property is placed on the
"Extended Listing" in which bids are accepted on
a first-come, first-serve basis until a successful bid has
been received or the extended period expires.
If
no successful offer is received and the extended period
has expired, the property will be withdrawn from the
market, reviewed, and re-listed on a new competitive
listing.
Each
property that the VA offers is sold "As-Is".
Each listing will have specific terms and conditions for
the sale, including a minimum down payment requirement
for owner occupant buyers (investors are required to put a
minimum of 10% down).
The
listing price for each VA home is set by VA personnel.
