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The Department of Veteran Affairs (VA) helps veterans buy homes by offering guarantees on loans to the lenders. When any veteran fails to repay his loan, the department buys back this defaulted property from the bank. Thus buying government foreclosures from the Department of Veteran Affairs is one key area of investing. Foreclosed by the VA are put up for sale through a nationwide chain of real estate agents.
All VA foreclosures are open for sale to both veteran and non-veterans. Homes that have been VA foreclosed are listed by local agents. Investors interested in VA properties should get in touch with the respective listing agents, who can be tracked down from websites.
To make an offer on government foreclosures one must approach the real estate agent, or the selling agent, to prepare a purchase contract and finish all VA documentation. Your agent will tender your offer for approval through the listing broker. It is necessary that your offer goes through VA approved agents and on properly filled forms issued by the government.
The benefit of buying VA foreclosed properties is that many of these are highly leveraged and the department has a tough time selling these government foreclosures, unless they are made available at a discount. The other benefits are that under the home loan program, veterans can purchase the house without any down payment. The additional benefits are that veterans with bad credit or even bankruptcies could avail of a home loan from the VA.
Investors need to know that sale of government foreclosures happens “as is.” One must therefore thoroughly inspect a property before making any offer. The VA does not guarantee the condition of foreclosed homes. A VA foreclosure is yours once you have bought it, whether it’s better off or worse.
There are other sources of government foreclosed properties. They are the US Department of Housing and Urban Development, the two government sponsored lenders Fannie Mae as well as Freddie Mac, and even Internal Revenue Service (IRS). The IRS disposes homes it takes control of for tax evasion by conducting auctions.
HUD Fair Housing Equal Opportunity