Financing in 92596>Question Details

Cristina, Home Buyer in

Can we use our VA Loan to purchase a short sale or forclosure home?

Asked by Cristina, Thu Mar 6, 2008

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First - thank you for serving your country - you deserve every opportunity to buy a home. Please read the blog I posted today on Increasing your Chances of Success as a VA buyer - it's right here on Trulia.
I was helping Marines buy homes in the First Gulf War - still doing it today. I really appreciate what you do for our freedom.
Now go get a house!

Regards,
Andrew Warburton
G7 Realty Inc
Lic 01065333
http://www.andrewwarburton.com
0 votes Thank Flag Link Mon Aug 30, 2010
Hi Cristina,

Absolutely, Like Jessie said just make sure to is structured right by your agent so that certain costs are covered. Va is one of the last 100% financing programs left, take full advantage of it!

Good Luck!

Chris Blasic
0 votes Thank Flag Link Sun Aug 29, 2010
You certainly can! VA loans are great. You just have to be sure that you understand how to structure you offer so that it is competitive with other offers that do not require the seller to incurr costs that VA loans require ( non-allowables). Many VA buyers get frustrated and do not understand why their offers are not as competitive as others with traditional financing.

Your lender should be able to help you understand this process. But let me know if you have any questions.r

Jesse Madison
Madison Realty
0 votes Thank Flag Link Sat Aug 28, 2010
Yes! Consult your lender. I do a lot of business with Robert Trowbridge. He's awesome at explaining the ins and outs. He gets deals closed. His number is 951-488-3173. His email is rtrowbridge@wccmtg.com.

But may I offer a suggestion? Don't waste your time with a short sale. 50% of the listings are short sales but less than 5% of the closings are short sales. The other 95%? Almost all are bank owned foreclosures.

One client of mine wanted short sales. I was able to show her how the house she liked as a foreclosure was a short sale a few months ago. The only difference was about $100K.

The moral of the story? Know your needs (features, size, location, etc.), then search the REOs.

Look at Short Sales, but know that they're a lot more complicated than REOs. How many lenders are involved? Are there other liens? How short is short? When was the notice of default posted? Have they received the Notice of Trustees Sale yet? Has the Bank already reviewed another offer? And much, much, more.

Thanks for the opportunity to help. Let me know if you need anything else.
Web Reference: http://frclsrTV.com
0 votes Thank Flag Link Thu Mar 6, 2008
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