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Properties, which has a status of VA foreclosure, are as a rule destined with civilian veteran’s mortgages.
To give the definition of VA foreclosure one has to know, that the past buyer of the property was a US military Veteran, the branch is not important, and the mortgage provided by Federal Government, which gives the guarantee to the loan.
This Guarantee, given by Department of Veterans Affairs (VA guarantee) provides the minimal risk of lender, as VA takes responsibility to cover all financial losses of a lender in case the house is foreclosed on.
This is mean, that if loan ends with failure lender returns all invested money, so this deal is very attractive for investors.
VA foreclosure appearance is not a rare situation, thousands of them occur monthly in the USA. If you want to purchase a VA foreclosure, then you has to pay so called Funding Fee, charged by Federal Government. The Funding Fee is calculated as a determined per cent of mortgage value and it has several important purposes. For instance, it enables Veteran to buy an apartment with no money down. On USHUD.com one can easily find a list of VA foreclosures, if one takes the decision to purchase a house, listed on this website, he automatically gets all the advantages, mentioned above. For instance, there is no need to pay mortgage insurance and money down is not requested.
Veteran Administration foreclosures passes a range of strong features, such as:
- Mortgages are flexible;
- These mortgages are free from insurance, so there is no necessity to pay mortgage insurance premium or MIP;
- VA finance all mortgage closing expenses;
- Purchasing mortgage with no money down.
So VA foreclosures are attractive investment proposition which many homebuyers and real estate investors prefers from all scope of foreclosure listings.
Post foreclosures (REO)
REO property or real estate owned property belongs to banks. How does it happen that banks own a real estate? Well, it is easy to understand: bank gives a loan, so mortgage appears, if client cant pay his dept and if there are no ways to stop foreclosure, the house becomes the property of financial organization.
It may seem that foreclosures can’t bring high profits as bank want to sell it offering the price which will at least cover the amount of the first loan. On the other hand, if you will be more attentive, you will see some ways to benefit greatly from buying a foreclosure house.
It may be the situation, when more then one loan is secured to the real estate; actually it happens quite often nowadays. In case second lender doesn’t make payments to the first lender and starts own foreclosure procedure, in this case the second lender is not part of foreclosure process any more. That is the main reason why plenty of second mortgages are valued around 20% less then the normal market price.
Bank doesn’t benefit from being an owner of a house; it needs money to flow constantly to get higher net profit. More over keeping a foreclosure as an asset may cause additional expenses. That is why bank wants to sell this burden as soon as possible, and it is likely to accept even not high price, just to cover the dept.
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