VA Foreclosures

Homes designated as VA (US Department of Veterans' Affairs) foreclosures, as well as foreclosure properties held by other government agencies, are now listed conveniently online at several sources. Those who are interested in purchasing a VA foreclosure must work with a qualified broker or agent who is licensed to handle government foreclosures. Since these particular foreclosures entail their own set of regulations, often varying state-by-state, traditional foreclosure forms and methods may not be used.

People searching for VA foreclosures can use many of the same sources as for other types of foreclosure listings. Government foreclosures are often grouped together on websites, including those from HUD, IRS, and other government agencies that frequently acquire real estate. Just like banks and other private lenders, these agencies seek to sell this property quickly.

Financing a VA Foreclosure

Purchasing a VA foreclosure can have many benefits for the buyer. In addition to being priced below market value in many cases, VA foreclosures can carry creative financing for eligible buyers, including no-money-down options. And VA can often provide special financing for first time home buyers and those with poor credit.

Like other foreclosed properties, VA homes are generally in need of repairs due to lack of maintenance by the previous owner. Government agencies like VA and others will often compensate by providing allowances for rehabilitation of the home, and many times will pay closing costs of up to six percent of the home's value. People who are in need of flexible financing options will find VA foreclosure listings a good source of homes that may prove more affordable than traditional real estate transactions.