VA Repos
Tuesday, May 6th, 2008The Veterans Administration also offers bargain hunting opportunities. It guarantees the purchase of homes by eligible veterans. This basically means that if the veteran defaults on the mortgage, the VA will pay off the lender and take the property back. Although technically these are REOs, they arc commonly called VA repos.
VA repos are not found in high-priced areas because the VA maximum mortgage amount is fairly low by today’s standards ($240,000). However, in modest to low-priced areas where they are found, they can be excellent opportunities for investors who are willing to buy properties “as is” and in poor condition and then fix them up. You may be able to buy a VA foreclosure for a fraction of its market price.
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