Buying REO or Foreclosure With VA LOAN... Questions?

[Edwin De leon]

1) In the real world can I buy a REO with the strict VA LOAN requirements

2) What do i need to do find REO's that will pass VA Minimum Property Requirements ( MPR )

3) What steps do i need to do to ensure I do not end up getting caught up in major costly repairs with a bad REO or Foreclosure

4) what other advice can you share with me to help me not get hurt with buying a REO / FORECLOSURE

[Account Closed]

Quote from @Edwin De leon:

Quote from @Account Closed:

Quote from @Edwin De leon:

1) In the real world can I buy a REO with the strict VA LOAN requirements

2) What do i need to do find REO's that will pass VA Minimum Property Requirements ( MPR )

3) What steps do i need to do to ensure I do not end up getting caught up in major costly repairs with a bad REO or Foreclosure

4) what other advice can you share with me to help me not get hurt with buying a REO / FORECLOSURE

An REO or Foreclosure means it has aleady gone through to foreclosure and the bank now owns the property. (A pre-foreclosure is before the sale and the borrower is still the owner).
If you are using a VA loan, you have an inspection done before closing. It can cost around $500 that you pay out of pcket. Your real estate agent can help arrange that.

Thank you, the KEY to me getting approved for the VA LOAN it must pass the VA LOAN MPR ... .. reo and foreclosure properties are known to come with repair issues from light to heavy costly repair ....

What Would Be Your Strategy To Find an REO or Foreclosed Property that is in move in condition and no repairs needed, what would you need to be ready for or to do to find a property that will pass the MPR for the va loan ?

I haven't seen a foreclosure or REO that didn't come with some repairs to do. They may exist in some markets, but not the ones I've been in.

I guess I'd find an agent that focuses on REO's and tell them to keep an eye out for you. Don't expect a solution like this overnight. It may take months.