Home Buying in 94533>Question Details

Newby Buyer, Home Buyer in Fairfield, CA

First time buyer wanting to buy an REO. How do sellers/banks feel about VA loans with 100% financing? Do we?

Asked by Newby Buyer, Fairfield, CA Tue Aug 19, 2008

even have a chance?

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Yes, just as much as any qualified buyer. Make sure you are pre-approved for the loan subject to you finding a property and it appraising. When making an offer you will have to put something down, usually at least 1% of the sales price is required by most banks, you can get this credited to you at closing or even get a check back for the over payment. If you are having the seller pay closing costs you will wanty to add those to the price and make sure you know what percentage to ask for such as 3,4 or 5%. Be ready to close in 30 days or less, do your inspections before you bid, dont add any contingincies. The only thing that will derail you isa cash buyer with no contincies bidding close to, teh same as or more than your bid. Good Luck
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Aug 19, 2008
Let me know if you know anyone looking in suisun city we have a house on 807 Spoonbill Suisun city 3 bed 2 bath 1320 sqft and it has been remodeledwe need to get rid of. We are are paying a 1500 bonus and we are paying all the closing cost you just need to pay your down payment

Edwin alvarado
Team1realty
707 738-5803
or 800 868-6049 ext 2 or email me edwinalvarado@sbcglobal.net
0 votes Thank Flag Link Mon Oct 4, 2010
Hi Newby Buyer,

Yes! Most several REO/banks in the 94533 (Fairfield) area are accepting VA offers, and paying up to 3.5% for Buyers closing costs. I have done several VA purchases in the last year with no difficulty!

Give it a try!

Erik Immel
Century 21 Distinctive
Fairfield, CA
erik.immel@century21.com
0 votes Thank Flag Link Tue Feb 10, 2009
I have put several first time buyers into REOs....but you do have to be persistent. Some of the listing agents seem to be hesitant to take a chance on 100% financing and get concerned about the VA inspection, which in the past, was quite strict re: the condition of the property. Get yourself a good agent who is willing to work hard and be prepared to make a number of offers.
0 votes Thank Flag Link Tue Aug 19, 2008
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