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We get a lot of veterans asking us about bank owned properties and short sales. I think its worth going over why they dot work well with VA loans. Once the national moratorium on foreclosure is lifted there will be lot more of them in market
Bank properties also called REO stands for Real Estate Owned typically by a lender.
Biggest problem with REO properties is condition. Banks will normally sell as is and not do any repairs VA loans are compatible as they require Minimum Property Requirements (MPRS) to qualify. Home has to be in an acceptable condition Roof, appliances, HVAC paint etc to use the VA loan. REO properties seldom are at that level.
Short sales are different. Seller is selling their home Short of what they owe on home. Lender has to approve the sale and typically home has lot of deferred maintenance and seller doesn’t have the funds to repair
Short sales are tricky and require an experienced agent and buyer is at mercy to some degree of the agent working with the seller.
Short sales can take 2-4 months easy to close and often have title issues or lender requirements that the bueyr and seller can’t satisfy. My recommendation is steer away from them if you fall in love with one make sure you have a very experienced agent
Need a great agent that can navigate thru these types of properties are help with any purchase or sale, contact www.vrebnetwork.com
Our Veterans earn on average over $2000 after closing. Our program provides Veteran Certified Agents and largest reward benefits in the industry. Contact the veterans Real Estate benefits (VREB) program for top agent and great real estate experience.
Looking for information on using your VA loan or VA loan entitlements, contact VREB network and one of our veteran certified lenders will contact you for full discussion/analysis on your VA loan entitlements.
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