Foreclosure in 93015>Question Details

Roy, Home Buyer in Palmdale, CA

Can i buy a foreclosed home if iam va approved?

Asked by Roy, Palmdale, CA Fri Aug 24, 2012

I am aprproved through va for certent amount of money how do i go by aquiering a foreclose home if posible

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Good afternoon Roy and THANK YOU for your Service to our Nation!

I've been helping First Time Buyers and Veterans for 23 years as a mortgage professional and I will tell you what I have always told my clients here in New York: If you are a First Time Buyer, steer clear of foreclosures and short sales.

Foreclosures are someone else's headache. The home probably has not been well-maintained and you're a First Time Buyer adjusting to paying a mortgage. Do you really want to walk in the door to someone else's deferred maintenance that YOU will have to pay for? Also, if you're thinking there are deals to be had in terms of lower prices, mostly those "deals" go to professional investors who can pay cash, negotiate hard with a Lender, and close fast.

For Short Sales, my attitude of late is that First Time Buyers should steer clear. Short Sales tend to be a better deal for the homeowner than for the Buyer. You'll wait MONTHS for the homeowner's Lender to approve the short sale; maybe as long as Six or Seven Months. Meanwhile, you're stuck in a contract to buy that home. I closed a short sale recently with a Buyer who, after seven months said this at the closing table, "I don't even want this house anymore."

And he didn't even get the "deal" on price he thought he was getting! The house appraised for only slightly more than he paid for it at the short sale price. He walked into this deal thinking he was buying a home for $100,000 less than it's value. In the end that wasn't the case.

There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay. It's a Buyer's Market, after all!

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Sat Aug 25, 2012

Now that you've been pre-approved, you may want to call a couple real estate companies and ask for an agent that is familiar with VA loans and requirements. I think it will help the process. And Cindy is correct about purchasing a foreclosure with a VA loan.

Chris Chin
Cobalt Realty Group
(805) 258-2870
0 votes Thank Flag Link Fri Aug 24, 2012
Absolutely. The VA loan does require that a home maintain certain living standards so if the home is really trashed, that particular home may not qualify. As long as the foreclosure is in decent condition, you should have no difficulty using your VA loan.

Good luck.
0 votes Thank Flag Link Fri Aug 24, 2012
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