Colorado Springs, CO · Member since 2015 · 98 posts · 59 votes
There is a foreclosed property I've been watching that is owned by "Secretary of Veterans Affairs". I assume that means someone defaulted on a VA loan ?
It has been on the market a while and the price recently dropped by $10k. It doesn't look too bad, but one problem is the roof : layers of asphalt shingles over old wooden shake shingles. (Property is old, built in 1899).
If I was going to put a bid on the property, would it make any sense to ask that the roof be replaced ? Is the VA just like any other seller in that regard, or do they play by different rules ?
I highly doubt that they will replace the roof for you prior to close. I would price your offer accounting for the roof repair and/or any other repairs which are needed. You can always ask for seller concessions at closing to help defer the costs.
I highly doubt that they will replace the roof for you prior to close. I would price your offer accounting for the roof repair and/or any other repairs which are needed. You can always ask for seller concessions at closing to help defer the costs.
Investor · Albuquerque, NM · Member since 2015 · 20 posts · 13 votes
10y
I would try the 203 loan option and depending on how long it's been on the market I would offer lower. Ft. Carson has a dependable stream of renters along with the flipping possibilities with a home like this.
Maybe this would be a good place to use a 203(k) loan to fix the roof and freshen the place up a little.
It would be worth checking into. I've never used a 203k loan, so I don't have any input on the matter. As for the price, if its quite low, they may already be taking the roof into account.
There is a foreclosed property I've been watching that is owned by "Secretary of Veterans Affairs". I assume that means someone defaulted on a VA loan ?
It has been on the market a while and the price recently dropped by $10k. It doesn't look too bad, but one problem is the roof : layers of asphalt shingles over old wooden shake shingles. (Property is old, built in 1899).
If I was going to put a bid on the property, would it make any sense to ask that the roof be replaced ? Is the VA just like any other seller in that regard, or do they play by different rules ?
Jeff-
Never hurts to ask, worst case they will say no, but they are acting as would any other seller, so negotiate your position that makes sense for you.