will i be able to use a VA loan to purchase and foreclosure property?

Asked by Kenneth, Quantico, VA Thu Dec 10, 2009

i am looking into buying a property in California, have VA elgiblity and would like to use it, but will it work for a Foreclosure, REO property.

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6
Brian Curry, Agent, San Diego, CA
Thu Feb 18, 2010
Ken,
I am a vet as well and can steer you clear of many VA pitfalls in the CA market. Property condition, closing costs, and competition from investor and hard cash dollars are making it tough on my VA buyers. Give me a call or email and I can lay out a strategy for you.

Brian Curry
Coldwell Banker
858-621-5233
Web Reference:  http://www.briancurry.com
0 votes
Melina Risso…, Agent, San Diego, CA
Thu Dec 10, 2009
Ken, I work directly for the banks. Feel free to give me a call if I can help. Melina Rissone, REALTOR with Century 21 Award 858-444-2473
0 votes
Nick Ruiz, , San Diego, CA
Thu Dec 10, 2009
Carl,

Great article, That is not just the Bay Area as it is happening here in San Diego also.
Web Reference:  http://www.nickruiz.com
0 votes
The Medford…, Agent, Fremont, CA
Thu Dec 10, 2009
Kenneth:

It’s going to be VERY hard. Here is a post that explains the dilemma in detail:

Veterans and VA Loans: Losing The War … At Home
http://bit.ly/6eOd9T
0 votes
John Villaes…, , California
Thu Dec 10, 2009
Yes you will be able to do this it will just be more difficult getting your offer accepted. I have worked with VA Loans and they do take a little longer. Just be prepared to write multiple offers on properties as this will greatly increase your chances of getting your offer accepted. Get with a good Realtor in your area, what he should do is something similar to this. http://www.vgrouphomes.com/atj/user/AdditionalGetAction.do?p…
that link will have some great information on what your Realtor should be doing for you.

John & Sarena Villaescusa
Owner/Realtor/Broker
Keller Williams Realty
Cell: 562-818-2671
Email: Johnv@kw.com
Website http://:www.VGroupHomes.com
Web Reference:  http://www.VGroupHomes.com
0 votes
Kari Shea, Agent, San Diego, CA
Thu Dec 10, 2009
Hi Kenneth,

To be honest, it is possible to do and it is like finding a needle in a haystack. The one lender that is more open to selling to people with government backed loans is Fannie Mae. Given they are a government entity, you will have a higher chance of success with a property owned by Fannie Mae.

Otherwise, cash or conventional loans with a high down payment are winning the majority of REO offers accepted.

Best of luck,

Mark and Kari Shea
Real Estate Experts Serving San Diego County
Specialists in Investment Properties, Foreclosures, Short Sales,
Development Opportunities & Traditional Real Estate
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