Foreclosures, Short-sales, Auctions, Low Income Properties, & the VA
Please refer to the condition guides for single family, multi-family, and
condos properties. It is not impossible, but it is more improbable, that
foreclosures and short-sales, will work with a VA loan.
1. Foreclosures, often the condition of foreclosures is questionable, too
bad. The properties are often ‘as-is’, meaning the seller (Bank) will not fix
anything. Also, there is no way to know when the property will close, if
ever. This could be due to unforeseen title issues, & condition issues.
2. Short-sales are when the lender and seller make an agreement, to try
to sell the property. This happens when the seller is in financial difficulty,
and cannot make the mortgage payments. Often the condition of
short-sales are questionable, too bad. The properties are often ‘as-is’,
meaning the seller will not fix anything. Also, there is no way to know
when the property will close, if ever. This could be due to unforeseen title
issues, & condition issues.
3. Auctions, the VA will not do them. The close window is 30 days or
less. There is a large deposit involved, and the balance is often cash at closing. And the properties are ‘as-is’.
4. Low income properties. The VA will not do these, as there are deed
restrictions, on who you can sell to, or rent to. The VA wants the veteran to have the
freedom to sell or rent, as they please. Or sell fro a profit.
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