Buyer BEWARE VA REO

[Cal C.]

This is a follow-up to my post last week about Flipping a house bought with Quit Claim deed. I had a trusted attorney use their trusted title search company do a title search on the property. Turns out the VA has not filed a foreclosure deed even though they listed it for sale and got it under contract.

The title is still vested in the previous (CURRENT) owner. How they even have possession of the house is unclear, but I believe the owner just walked away.

I'm at the end of my due diligence period today. Fortunately this is in a non-judicial foreclosure state so the foreclosure should go rather quickly. Also I believe I have financing in place so I don't have a lot of money tied up in it or segregated to buy it later. Most likely I'll not walk, but I don't think I'm getting this house in six weeks like I thought.