IS THIS REALLY $99,000 OR $199,000? IS THIS VA APPROVED?

Asked by George, La Mesa, CA Thu Jul 22, 2010

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This question is about this property: http://www.trulia.com/property/3010126255-4847-Parks-Ave-26-…

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3
Karen Urata, Agent, Ramona, CA
Thu Jul 22, 2010
George,

As you see, it is important to have an agent who is knowledgeable with VA loans when using the benefit that you earned through your service. The condo/complex itself will need to be approved with the VA and meet certain guidelines in order to qualify to utilize your VA loan. Please let me know if you have any questions I can answer for you about his process.
0 votes
Cory La Scala, Agent, San Diego, CA
Thu Jul 22, 2010
Hi George,

The information you received is correct. However - this unit may or may not sell as a short sale, it all depends on the bank. So, if you're buying with cash anyway, and would like to submit a back-up offer, let me know. Many short sale buyers walk away while waiting for the bank, or banks, to approve their offer. Short sales can take a long time to close - if they close. So, it can't hurt to submit an offer if you'd like a chance at the property.

That being said, if this unit doesn't sell, and it ends up foreclosing, you may see it back on the MLS down the road. In the meantime, something else in the complex may come up on the market.

There are other condos at this price point, too. Are you looking in any other areas?

Thanks,
Cory
0 votes
Alvaro Viris…, Agent, San Diego, CA
Thu Jul 22, 2010
Hi George,

This property is listed at $99,000, but is contingent status. This means that they have an accepted offer submitted to the bank waiting for short sale approval. It looks like they are only accepting cash offers because of the low occupancy level, so it would not be VA approved.

Alvaro
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