The Va Foreclosed Home

I have bought two VA foreclosed home from the (Veterans administration). A few years ago they had their own web site like HUD has. Both the deals I got were very good, and they were easy to deal with. But in the last couple of years they have farmed out thier va home repo sales to a big management company (Ocwin). Now thier properties are high priced and they are not very willing to bargain. I hope things change.

Like I said in the HUD section; I watch the VA repo home properties mostly for mistakes in there appraisals hoping for an undervalued property.watch for mistakes in their appraisals. They do so many home foreclosures and so fast that they often make mistakes in the value of the house. Sometimes they ask too much, and the house sits for months. But sometimes they undervalue the house and if you jump on it you can really make out, especially if you are an owner occupant and you can bid before the investors can.

~True Story~

I once bid on a VA Foreclosed Home were the ad said 'house uninhabitable due to mold.? Pipes had broken upstairs while it was vacant, and flooded the whole down stairs. They had it listed at the lot value, $40,000. I figured it was a dump but I went to look at it any way. It was in a beautiful neighborhood and it was worth over $200,000 fixed up. I had a contractor look at it and he said it would take $20,000 to repair all the drywall and flood damage, maybe another $10,000 to fix up. I bid $55,000 it went for $85,000. Someone got a deal.

~True Story~

The best deal I ever did was our second house; it was a V.A. repo. It was a 20 year old double-wide on an acre in the country. It was totally dilapidated, I got it for $16,000 and I used a home equity line of credit from my first house to buy it. It took me three months full time to rehab it and $20,000 in materials, I bought almost everything I needed to rehab it at a home improvement auction, and I bought high quality materials at a very low price. So when the home was finished it was a lot nicer than when it was new. We sold it last year for $85,000 a profit of $59,000. What a deal!

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