Minimum Acceptable Bid On VA
Hi,
Does anyone know or have experience with bidding on VA properties? I have an opportunity to bid on a property which I have been told has no other bidders (at the moment). So I wonder how low can I bid and not have the bid rejected by the VA.
I was told by one realtor that he thought that VA could/would accept bids as low as 10% below the listing price. What's your experience? Is it ever more? Is there a place that I read some guidelines on bidding on VA properties?
Thanks, Paul U.
Normally VA's asking price is the amount they do want, and yes they do play somewhat with the 10% discount if the subject property has not moved.
The properties that they are most negotiable on are properties that indicate trading margin.
You can go to the VA's web site to learn more about this but most VA property offers go through their listing agent.
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J.M....you indicated "trading margin" is that in relation to the price VA paid to take it back?...thank you in advance...CWal
At lot of VA properties can be found at www.ocwen.com, and most properties are sold through real estate agents.
VA normally requires earnest deposit before you can make an offer and Listed price is normally their minimum bid unless you see the term: Trading Margin.
Any discount that VA considers is based upon their own investment in the subject property. Getting a VA property at deep discounts is vary rare in today's market.
When they classify a property with Trading Margin VA does get vary negotiable at this point simply for whatever reason this property has not sold. VA's Trading Margin properties mostly sell for less than they have invested in the subject property.
You asked the question "trading margin" is that in relation to the price VA paid to take it back? Yes it is in relation to their investment but they become more negotiable at this point.
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