Buying a VA Home
Buying a VA Home is an Option for All
You might be interested to learn that buying a VA home does not require veteran status unlike qualifying for a VA home loan. The VA sells properties for which they have had to foreclose their loans. Keep in mind that the list of homes for sale through the VA continuously changes so you need to check often in order to find the home that might be perfect for your and your needs.
The Veterans administration goes through a property management company in order to sell their homes rather than selling the homes themselves. If you are interested in buying a VA home, you must go through their website in order to find available properties in your area. The name of the company that handles the VA properties for sale is Ocwen Loan Servicing LLC. You will need a real estate agent in order to view these homes and you should definitely view these homes before buying a VA home.
If you are a veteran that is looking for a home, then buying a VA home could possibly serve a dual purpose for you, as you should also qualify for VA financing. Opting to buy a foreclosed VA home means that you are more than likely getting a good deal on the home you are purchasing. Qualifying for a VA loan means you also qualify for great perks such as lower interest rates and down payment assistance. These two acts combined can translate to significant savings up front and during the life of your loan. If you are handy with tools and are willing to make a few repairs while investing a little elbow grease, chances are that you can greatly improve the value of your home with very little extra investment.
For those who aren't veterans the value of buying a VA home is still great. Foreclosed homes often offer a much greater value than those who are currently owned by homeowners. Foreclosed homes are generally sitting empty and costing the owners (in this case the Veterans administration) money each and every month that it sits empty. It is in their best interest to sell the home and sell it quickly. This means that all offers are considered and the highest offer typically wins. In other words, if you make a reasonable offer you could very well be on your way to buying a VA home.
With any home purchase it is in your best interest to have a home inspection so that you are well aware of potential problems that may arise with the home and can make your offer an informed decision on your part. Buying a VA home should be no different than buying any other home in this case. If you make an offer before having an inspection made, be sure to write the offer in language that lets the selling institution know that your offer is completely contingent upon the inspection not revealing any major defects in the house. You should allow yourself the option to adjust your offer based on problems that may be discovered during the inspection process.
Whether or not you've considered buying a VA home in the past, if you are looking for a home, it is definitely worth your time to check out the possible value of VA foreclosed homes in your area. You just might find the house of your dreams at a price that you can afford. If not, you might very well find a house that could become the home of your dreams with a little work and some imagination. Either way it's up to you to take the leap.
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