Foreclosure in Fayetteville>Question Details

Kary, Home Buyer in Fayetteville, NC

how long does it normally take to close on a VA foreclosure using a vendee loan?

Asked by Kary, Fayetteville, NC Fri Dec 10, 2010

Help the community by answering this question:


The only bank I had any experience with has been bank of america.
The experience was not as good as the the agents that responded before me. They were not sure on how to handle the process and there were delay after delay. Even when escalating it, there process did not improve. My buyer finally withdrew their offer and purchased another property.

It all depends on the bank and the processors level of experience.

Wish you Luck

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee
0 votes Thank Flag Link Tue Dec 14, 2010
Hello Kary,

I specialize in working with investors in real estate and specifically VA foreclosures. Purchasing a VA foreclosure using Vendee Financing takes two months minimum. VA will not sign a contract normally unless the closing date is two months out or longer. Due to the risks inherent in purchasing a foreclosure, I have seen a few take as long as four months to close.

The great advantages of these VA foreclosures are numerous. VA normally prices them with tens of thousands of dollars in equity (or below true sales price for non-distressed properties) to balance the risk of a foreclosure and possible repairs associated with the property. The Vendee financing continues to be the best financing for an investor in the country: only 5% down with a 4% interest rate (for excellent credit). No bank can beat these terms. For homeowners looking to occupy the property, Vendee allows 0% down. Bank of America currently maintains the government contract for Vendee financing and provides it to both veterans and civilians.

I would be more than happy to assist you further to minimize your risk and set you up for success in purchasing a VA foreclosure. All of my contact information is below.

David Sattelmeyer
Century 21 Family Realty
cell 910.723.8888
office 910.321.1002
0 votes Thank Flag Link Sat Dec 11, 2010
Hello Kary,
Great question and thanks for asking it. In the Fayetteville area it could take as little at 3 weeks to 45 days to close. It can depends on the bank and if any other issues come up along the way. Let me know if you have any other questions or if I can assist you in any way.

Katrina Rockel
0 votes Thank Flag Link Fri Dec 10, 2010
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