Learning to Buy VA Repo Homes

Finding savings on a new home may seem tough in the competitive market of today, but with the help of BankForeclosuresSale, it doesn't have to be so difficult. We'll show you how there are actually many different kinds of discount real estate out there available for purchase at extremely low prices. One of the most lucrative types of properties available is VA repo homes, and we can help you learn all about them.

VA repossessed homes are a particular type of property that is available for purchase from a division of the federal government known as the Department of Veteran Affairs. This department is responsible for a great deal of lending to homeowners for mortgages. However, when a homeowner defaults on their mortgage payments, and is unable to find a way to settle the debt, the lending agency will be forced to repossess and then sell the property in question through an auction.

This is where the potential for savings presents itself to homebuyers and investors. Since homes for sale at these kinds of sales only need to be sold for the remaining debt owed by the homeowner and not their full value, many real estate VA is often undersold. If you pick the right sales, you can often find savings of anywhere from 10 to 50% the market value of an incredible home!

Finding Foreclosure Real Estate
With BankForeclosuresSale, you'll be able to search for thousands of real estate homes available for bargain prices all over the United States. We'll show you all kinds of repo for sale at auctions and sales in every state, and not just through government agencies. There are also all kinds of distressed properties available from banks and lending institutions like Fannie Mae and Freddie Mac. But whether you choose to pursue VA repossessed homes or any of the many other options, we'll teach you all about how to buy it for the best price possible.

Using Our Repossessed Homes Resources
Our online educational library is chock full of great educational information and advice on procedures and processes for pursuing a wide range of real estate repo. We also provide insider tips and advice on getting the most value for your money by assessing values and forecasting costs. And our 24-hour Customer Support service is always there to help you choose the best deals out there and answer any questions you run into along the way.

So instead of relying on a real estate broker to help you find a good value on a home, let BankForeclosuresSale show you how to buy VA repo homes!

How to Negotiate Without Losing Your FSBO Cool

No buyer wants an uncomfortable confrontation with the owner of a house for sale. Therefore, when a buyer asks to negotiate on aspects of the fsbo sale, it is important for the house owner to project a calm, relaxed mood and respond to negotiation requests politely. This reduces the risk of blowing a potential sale.

The goal of a good salesperson is to handle the sale in such a way both seller and buyer walk away from the sale feeling they got something they wanted. The sales floor, then, is no place to let egos get the upper hand. Be willing to compromise on minor issues.

Elements of a Successful Negotiation

By asking a fair price for your home you greatly reduce the risk of negotiations turning nasty. Other elements that make for successful negotiations are as follows:

      1.) Plan ahead. Decide before hand what aspects of the sale are negotiable, and which are not. This will reduce frustration during negotiations.

      2.) When setting your house for sale by owner asking price, set it higher than your rock bottom price. Expect that buyers will ask for you to negotiate on price.

      3.) Foster a calm relaxed tone and make good eye contact. Listen carefully to the buyer, and avoid the temptation to interrupt them.

      4.) Keep in mind how much of the equity is saved by not going through a real estate agent when asked to reduce the price. Reducing the asking price by 2 or 3% still puts you way ahead of the game.

      5.) Avoid the word "NO" when negotiating. Be willing to compromise on minor issues. Even when a point is not negotiable, take the time to explain "why." This sends a better message to the buyer.

      6.) Get everything in writing. Don't rely on trust. Document what terms and conditions are discussed and agreed upon, and what still needs to be worked out.

Prepare a Negotiation Worksheet
By preparing a negotiation worksheet, you help the house for sale by owner negotiations go more smoothly, and the atmosphere to remain calm. You also reduce the risk of frustrations resulting from misunderstandings that could arise later.

The worksheet is not meant to be a legal, binding document. It is only to serve as a visual aid to keep track of what aspects of the sale process are agreed upon by both parties, and what aspects still need to be worked out. The worksheet will also serve as the foundation for the purchase and sales contract that should be drawn up with the help of an attorney.

The Negotiation Worksheet should include the following:

      1.) The seller's name

      2.) The buyer's name, address, and phone number

      3.) A description of the property fsbo, including address

      4.) The purchase price

      5.) The amount of the deposit

      6.) Who holds the deposit

      7.) Financing information

      8.) Pre-Qualification letter due date

      9.) Date of final loan approval

      10.) Whether or not the seller is financing

      11.) Who pays for what (inspections, appraisals, repairs, attorney fees, etc.)

      12.) What is included in the sale (personal property such as appliances, curtains, etc.)

      13.) Other conditions of the sale (buyers must first sell their current home, maximum mortgage note %, property inspections, etc.)

      14.) Anticipated closing date

      15.) Rental fees if seller continues to occupy the home after the closing

      16.) Notation that the worksheet is not a binding document

      17.) Any other aspects agreed upon, relevant to the sale of the property

For a MS Word formatted Negotiation Worksheet template, email the editor of Virtual Real Estate Listings at editor@vrel.org. Type "Negotiation Worksheet" on the subject line of the e-mail; include your name and email address when making your request.

By both parties being willing to negotiate and documenting what has been agreed upon, fsbo dealings will go more smoothly, with irritations kept to a minimum. And the house for sale by owner process will be a win/win situation for both the buyer and the seller.