| VA Foreclosures and Bargain Homes (real estate)
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VA Foreclosures and Bargain Homes
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Real Estate Investment - Invest The Right Way
Real estate investment is going through its best period ever. Many real estate investors are seeking old run down and neglected properties, giving them a face lift and reselling these properties for huge profits.
This type of real estate investment is more the experienced investor rather than a new comer as it requires certain amount of knowledge about finding the right property, redoin... Read real estate article
Smart Home-Buying - Independent Home Inspectors
Who Needs a Home Inspection Anyway?
Buying a home is one of the most important purchases you will make in your lifetime, so you should be sure that the home (house, condo, townhouse) you want to buy is in good condition. A home inspection is an evaluation of a home's condition by a trained expert. During an independent home inspection, a qualified inspector takes an in-depth and imparti... Read real estate article
VA Foreclosures and Bargain Homes
VA foreclosures are an excellent source of bargain homes for both investors and home buyers. VA home for sale is the result of a foreclosed government guaranteed veteran loan.
There are less VA foreclosed homes on the market than HUD homes because there are less VA guaranteed veteran loans than FHA loans. Although there are fewer VA foreclosures on the market you still should consider them if you are looking for bargains.
VA home foreclosures are managed by Ocwen Loan Servicing for the Veteran Administration. It is Ocwen responsibility to prepare the VA foreclosed home for market and the marketing of the property.
The process of buying a VA foreclosure is similar to buying any other bank foreclosure with one exception. Ocwen has a waiting period for new listings of VA homes for sale called a "Simultaneous Offer Period." It is also for listings with price changes.
The Simultaneous Offer Period is defined by Ocwen as the minimum competitive listing period for receipt of offers to purchase VA foreclosures. All offers received during the Simultaneous Offer Period are considered received simultaneously.
At the close of the Simultaneous Offer Period, Ocwen will evaluate all offers received on a VA foreclosure home to determine if any offer meets the minimum criteria established by the VA for acceptance. If the minimum criteria have not been met, Ocwen will continue to list the VA foreclosure for sale after the close of the initial Simultaneous Offer Period.
The Simultaneous Offer Period is usually 10 days after the listing is listed.
All VA foreclosures are listed on the local Multiple Listing Service by local real estate agents. Making an offer on VA foreclosed homes is similar to making an offer on a seller-owner property. Although your real estate agent will get the necessary forms on-line to submit an offer, all offer are sent to the listing agent. The listing agent then submits the offer to a representative of Ocwen. You need to locate a real estate agent that has experience in buying VA foreclosure homes.
If an offer is not accepted on a VA home for sale, VA will counter offer just like a seller-owner would do. The process of getting an accepted agreement can be slower than a seller-owner.
VA home foreclosures are sold in "As-In" condition. VA will not make any repairs. Ocwen also requires a $500 earnest money deposit on all offers.
One big advantage of buying VA foreclosed homes is that VA will provide financing for some of them. It is called "VA Vendee Financing." It is available for both Veterans and non-Veterans.
VA foreclosures can be a great source of finding a bargain home to live in or as an investment. You can do a search in your area for VA foreclosure homes on my website.
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Modular Home Makes Big Money
No, it doesn't! It saves Dollars! Modular Home sales continue to grow at a greater pace than their counterpart, the site-built home. They would grow at an even faster pace but for two issues;
- First and foremost, because people associate them with Trailers, Low Income and Poor Quality and workmanship.
- Secondly - Consumer education. While the modular home builder's do an excellent job of educating the consumer with web sites and literature, they only get to tell their story to those that are interested!
The fact is there is nothing further from the truth! The terms modular home and quality are synonymous. They are ''Manufactured' indoors, in an environmentally controlled factory. They are computer designed, making all of the components fit perfectly, and at a greatly reduced cost, because the modular home builder can take advantage of ''bulk' buying.
They are much stronger than the majority of site built homes as well. Let's ponder this thought for a moment. When a modular home is completed at the factory, it is crane lifted onto a trailer, then transported to your home site, then crane lifted again, and set into place. Can you imagine what would happen to a site built home if you tried to lift any part of it with a crane?
The bottom line is that you can get a better quality home for less money! That would seem to be a ''No-Brainer' wouldn't it? But it's not! Because people still have the stigma of ''Cheap'!
You owe it to yourself and your pocketbook to research modular homes. You can truly get the home of your dreams that will last you a lifetime, for less money than a site built home.
Do your research and it will pay off in huge savings and reward you with great satisfaction.
1. Research the manufacturer's reputation. Find out if they are new to the business or been around for a while. Compare apples to apples when comparing products. Visit the factory if possible. Look at their product on line, then visit their model homes.
2. Research the builder. You will need a local builder, working with the manufacturer, to handle all the on-site work such as excavating and pouring the basement, preparing and completing work on the lot (grading, walkways, driveway), surveying and selecting the placement of the house on the lot, and finishing whatever wasn't done at the factory (some trim, painting, etc.). Get references from your builder from their customers and suppliers, and check them out. You need to know whether a builder provides quality workmanship, is financially stabile and reliable.
3. Be thorough in the planning stage. Take your time to learn everything you need to about windows, doors, counter tops, etc. Visit building centers, kitchen designers, and so on, so that you can make an informed decision about each item that you choose, as you design your new home. Go over the floor plan carefully, to make sure the sizes and locations of the rooms, placement of windows, height of ceilings, etc., are exactly what you want.
You can save up to 30% percent by buying a modular home rather than a stick-built home. You can also save a lot of time. Modular homes are completed and ready to move in months ahead of site built homes. Modular homes are no different than anything else when it comes to shopping, there are some better than others! You have to do your homework. I suggest a shopping checklist. Write down what's important to you. Make notes on each manufacturer. Choosing the best manufacturer and the right builder are paramount to your success.
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VA Foreclosures and Bargain Homes
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