| Just like any other lender, the Department of | | | | bargain prices, fix up and flip for generous profits. |
| Veteran's Affairs expects buyers to whom they lend | | | | But be careful, you must be very cautious when you |
| money for property to pay their mortgages on time | | | | shop for VA foreclosures, and do your research |
| until the debt is paid off. Sometimes however, like | | | | before you commit to any investment. A good rule |
| any other lender, the VA is forced to take back a | | | | of thumb is that you should be willing to consider a |
| home through foreclosure. | | | | purchase if there is just cosmetic damage to any |
| The VA insures mortgages for serving and retired | | | | property. That means paint, minor repairs and clean |
| personnel in the armed forces. When one of those | | | | up. Unless you are very experienced with rehabbing |
| borrowers defaults on their VA-insured loan the | | | | real estate it is wise to avoid a property if real |
| lender turns to the VA for help. The VA reimburses | | | | structural damage exists. |
| the lender for the defaulted loan and the lender turns | | | | A moldy bathroom or a flooded cellar may look and |
| the foreclosed property over to the VA. The VA is | | | | smell off-putting, but they're easy enough to fix, and |
| not in the property management business, so VA | | | | their presence can drag down a property's purchase |
| wants to sell the property quickly and recapture its | | | | price enough to make it a good investment. |
| monetary loss. | | | | A VA foreclosure can be perfect for an investor or a |
| Right now there are tens of thousands of homes in | | | | buyer/owner who wishes to purchase a property |
| the VA's inventory. Most of these are sitting vacant | | | | below market value. In order to obtain a listing of VA |
| waiting for buyers. You don't have to be in the | | | | foreclosures, check with a local realtor who will have |
| military service or even a veteran to be eligible to | | | | a list on the local Multiple Listing Service. You could |
| buy one of these homes, but you do have to meet | | | | also search the Internet under the search phrase "VA |
| the VA's qualification requirements. | | | | foreclosure properties", and adding the zip code of |
| Affordable financing incentives and interest rates are | | | | the area where you wish to purchase property. |
| offered to all interested buyers so that the VA does | | | | Here is a web site that lists available VA foreclosures |
| not have to pay taxes, insurance, and maintain the | | | | |
| foreclosed homes for any longer than absolutely | | | | There have been a wave of foreclosures with the |
| necessary. They are eager to find qualified buyers | | | | downturn in the economy. It may a perfect time to |
| and welcome all comers. | | | | gather a group of investors together to buy VA |
| When searching for a home in a lower price bracket, | | | | foreclosures by the dozen at deep discounts. |
| VA foreclosures are a great place to start. Since the | | | | There are other types of foreclosures besides VA |
| former owner was unable to make their mortgage | | | | foreclosures that you should consider. They include |
| payments it is likely that the property was not | | | | bank owned real estate, preforeclosures and |
| properly maintained making it a good investment for | | | | foreclosure auctions. They all offer opportunities to |
| the savvy investor. Often times it is the more run | | | | buy property at bargain prices. |
| down and unsightly properties you can pick up at | | | | |