How to Make an Offer on a VA Home
In order to buy
a VA acquired property, there are several steps that a buyer must
follow: 1) pre-qualification, 2) find the property, 3) make an offer,
4) close on the property
1)
Pre-Qualification - Normally with the assistance of a qualified loan
officer, the buyer identifies the loan options, any potential financing
hurdles (such as credit issues), and the maximum loan amount one may
qualify up to.
2) Find the
Property - In order to view a home on the VA home list, a buyer must
use a VA qualified real estate broker. Properties are on special lock
boxes that only qualified agents have access to. Properties are
available for viewing only during the competitive bid period. (Per VA
guidelines, "There must be no use of toilet facilities").
3) Make an
Offer - Once a VA acquired property has been identified, only a VA
qualified real estate broker can submit an offer for a buyer. A buyer
may submit offers on more than one property. However, the broker is
required to obtain a $1,000 earnest money deposit for each offer (if an
offer is accepted, the earnest money is non-refundable unless the buyer
is declined for a loan). Only one offer can be purchased by an owner
occupant buyer.
4) Close on
the Property - Buyers are required to close within 22 days for VA
Vendee Financing, 30 days for all cash purchases and 60 days for other
types of financing.
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