Ambassador…, Other/Just Looking in South San Jose, San...

can you buy an auction home with a va loan?

Asked by Ambassador For Christ, South San Jose, San Jose, CA Wed Jan 11, 2012

Anthony J Matthews on facebook

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Lamson Dang Broker’s answer
Dear Anthony Matthews,

You got a great answer from Charles. I just wanted to add that even with a Regular Sale through MLS, VA loan would require to fix the house to a standard and/or livable conditions before they fund the loan.
I think it's very high risk unless you know the house in very good conditions.
Best wishes,

Lamson
Web Reference: http://lamsondang.com
2 votes Thank Flag Link Sun Mar 18, 2012
It would be difficult, at best. As stated, auctions on the court house steps require cash on hand. Auction houses may give you sufficient time to get finanicing in order; however, they also charge a buyers premium on the purchase. That premium could not be rolled into the loan, which rather defeats the benefit of using VA in the first place. Best of luck to you.
1 vote Thank Flag Link Wed Mar 21, 2012
That depends upon the type of Auction.

There is no financing at all for the typical trustee's Auction that takes place on the courthouse steps.

However for many of the other Real Estate Auctions, arrangements are made for financing the transaction the same as if it were a regular sale through the Multiple Listing Service.
0 votes Thank Flag Link Wed Jan 11, 2012
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