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Buying or Selling a Home/Selling a home with VA funding
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Question
I have a home which I obtained through first purchasing the non-performing note, and have recently taken ownership through a Deed in Lieu of Foreclosure. The deed was filed only a few days ago and I currently have the home for sale. I understand the 90 day rule for FHA financing but what about similar VA requirements? I have an offer for the home and 3rd party financing will be through the VA program. I just want to make sure the home is eligible. Thank you!
Hi Tom!
VA does not have any restrictions like FHA does on financing after a foreclosure, so you should be good to go. The only other thing I can think of is that a few states do have a right of redemption period where the original owner can bring the note current, even on a deed in lieu of foreclosure. Make sure you check your local statutes as well.
It sounds like you made a wise buy on your non performing note. Good luck!
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Diann Tonnesen
Expertise
I have over 25 years of experience in real estate in Las Vegas. I can answer almost any specific question about buying or selling homes, condos, high rise properties or land in the State of Nevada as well as general real estate questions that pertain to the industry as a whole. I can also answer questions related to financing on FHA and VA loans, conventional loans, interest only loans, stated income loans, and hard money lending. You can also go to my site at http://www.greatlasvegashomes.com which has lots of information on it as well.
Experience
With my husband I have been helping families call Las Vegas home for over 23 years and I still love it! We developed a strong niche in the Internet industry and had to start a team of agents to respond to the large volume of calls we were getting. Currently we have 18 full time agents, a sales manager, two leads managers and two transaction coordinators assisting us. Last year we helped over 280 families and investors find property in Las Vegas.
Organizations
Las Vegas Board of Realtors and the National Association of Realtors
Publications
PR Web, Las Vegas Review Journal, and interviewed for numerous magazines as well as a broadcast interview for television by CNN.
Education/Credentials
college journalism major
Awards and Honors
Top agent in the state of Nevada for sales multiple years when working for Century 21 and last year one of the top 10 agents in the country with Prudential.
Past/Present Clients
Just too many great clients to mention here, but I can certainly provide a long list of references on request. Or check out our web sites at:
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Vegas Real Estate
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Vegas Condos
Henderson Real Estate
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