What is a VA foreclosure?
VA foreclosures are homes that have been put into foreclosure by the Department of Veteran Affairs (VA). These homes were owned by United States veterans who used their VA benefits to purchase them.AdvantagesThe VA will pay the closing costs if you buy a VA foreclosure. Private mortgage insurance is not required on these purchases, and these properties are sold at between 10 percent and 50 percent below market value, according to Financial Web.FinancingThe VA offers financing on some properties, according to FinWeb. They will not pay for repairs, so all properties are sold in “as-is” condition.Waiting PeriodVA foreclosures are held for roughly 10 days after foreclosure, according to FinWeb.com.ManagementAll VA foreclosures are managed by Ocwen Federal Bank. The bank prepares these homes to go on the market, then markets them.ConsiderationBuying a VA foreclosure is similar to buying any foreclosure, but getting an accepted agreement can take longer than it would for other homes, accordi
