VA Foreclosure – How You Can Find One
A VA foreclosure is a great way to purchase a bargain property. The number of them for sale in each state is growing and if you want to pick up a property either for an investment or to live in yourself, now is a great time to buy. This article explains what a VA foreclosure property is and how you can find properties available for sale.
When veterans purchase properties using their VA entitlements, they get the loan either through a bank or mortgage company, not the VA itself, though the VA guarantees the lender that in the event of foreclosure it will make good on all moneys owed. So when a VA-guaranteed property goes into foreclosure, the VA pays the money owed back to the bank or mortgage company and makes the property available for public sale through a property management company.
The VA then outsources the sale of the property to an outside property management company, as of November 2008, it’s Countrywide Home Loans. They are then listed for sale on this website as well as through local real estate brokers. It is a really simple process to view properties on the website. Once you get there, it shows a map of the United States, and it’s just a matter of clicking on the state you’re interested in purchasing a property. This then takes you to a page that lists all the properties available in that state, with a picture, the price and if you click on the view button at the right, you’ll be taken to another page that gives you a larger photo of the property with a description. If you have any questions regarding the VA foreclosure, there’s a text box where you can type in your query. These properties are available for purchase by both investors and home buyers.
If you would rather not use the web and deal direct with a real estate broker from the get go, just contact your local broker and ask for information about listings for VA foreclosure properties in your area.
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