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How
to Make an Offer
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.
Click
here to find a qualified loan officer
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").
Click
here to find a qualified real estate broker
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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