Advice & Tips On VA Short
A home owner contacted me last night who is going to sell on the 17th of this month. It is a VA loan. I am meeting on Sunday. I have driven by the home and it is a 1960 home in a rough area of town. AFter repair value of 70k, current market value of 30k. I am sure it has a good 20k in needed repair. Owner says it is a VA loan.
The owner's do not know how far behind they are. Looking at the public records it appears that he bought the house in 1990, had a LP in 1994 and then filed chapter 13. Then in July 2003 there was a judgement for 70k and a sale date of August 23, 2003. No idea why it has not sold yet.
Anyway, anyone have any experience, suggestions etc on shorting a VA loan that is due to sell in 10 days?
Thanks
Brenda
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