How to Find VA Repossessions
VA repossessions are one way to start investing in the real estate market for a fraction of the cost. You can find VA repo's in almost any neighborhood. The Veteran's Administration offers these houses to the public through an outside source.
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Things You'll Need
- Internet Access
- Authorized real estate broker/agent
- Common real estate knowledge
Instructions
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How to Find VA Repossession
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1
Locate an authorized real estate broker/agent that can assist you when you want to invest in VA repossessions. You will be submitting any bids through this agent.
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2
Ask for a recent copy of the VA Repo List. This list is broken down in steps by county and city. You will see the property address, the asking price, number of bedrooms, and so forth.
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3
Access the VA repossession list on the Internet by following the link below. This link will allow you to view all the VA repo's listed in the country. You can narrow the search down by state and county.
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View the properties you are interested in purchasing. Some properties will be in great shape. Other properties will need major repairs.
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5
Hire a general contractor or other qualified inspector before making a bid on any property. There may be damage which is not listed in the inspection report. There may also be damage only a trained professional can see. Remember that when bidding on a VA repossession, there is a deposit required at the time of the offer. This can be as low as $500.
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Deal with a rejected bid by raising your offer by $500. Many times when there are no other bids, the second offer is accepted.
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Tips & Warnings
The website also offers REO properties from different financial institutions.
Always determine if the property is a good investment before making a bid. You can do this by researching the neighborhood. If the neighborhood seems to be growing, then the property is most likely going to be a good investment.
Some real estate brokers/agents do not like dealing with government repossessions. This is because the commission on those types of sales is not as high as standard sales.
