I have been working with a buyer on a VA foreclosure. It looked rough from the begginig as the options were to with rehab loan (which my buyer did not have the funds for) or go with this product that was new to me referred to as a VA vendee loan. Since plan A was not going to work. I jumped into this VA vendee loan and I have to tell you it is one well kept secret.
First of all it is unique in that it only applies to VA foreclosed homes like this. But on the other end it requires very little work for the buyer. Loan rates are around 2.5% there is no money down and you can loan up to 102% of the home value. Closing costs are assumed by seller and left over money is either picked up in the 102% or is seller covered.
There was no inspection and no conditional requirements on the condition of the property and it will get done in 45 days or less.
Now I am 2 days from closing and we have dropped the loan amount because closing costs were lower than expected and being that title companies are limited to VA choices the people they have are well oiled machines when it comes to getting them done.
So all I can say is if a Bank of America VA Vendee option comes across on you for some reason or another, use it/grab it and relax. Great product.
Comments(3)