Now that changes to VA foreclosures have been in place for a few months I wanted to try to explain how the new system works and where to get the info on it. Last year Ocwen Loan Serving LLC lost their contract to manage VA foreclosed properties and it was awarded to Countrywide. When the transition finally to place so did the way offers are placed made and this month a new roll out for the VA vendee financing.
Offers are now placed on regular offer to purchase forms for the state or area the property is located with Countrywide addendum’s attached instead of all the VA generated forms such as their old VA form 26-6705. The Countrywide addendum’s say pretty much the same things that most Bank or Corporate owned addendum’s say, buying as-is. Make sure to ask me and I can forward a blank copy for your review. All the properties are listed on a new site as well https://va.reotrans.com or you can go to www.reotrans.com and see all bank or corporate listings on their site. This is a user friendly free site and homes are easy to locate for different cities and states. It will also list the contact information for the agent handling the property. If you are working with agent have them contact the listing agent.
In my opinion all the changes thus far have been for the better. The pricing has been more competitive and in line with other bank and corporate owned properties. Real estate here in Fayetteville NC has been insulated and not hit as hard as real estate in other areas of the country. There are still a lot of foreclosures that have been held off the market because of the moratorium but they should start to trickle out any time now. Look for more articles and information coming soon on Vendee financing.

This entry was posted on Thursday, April 23rd, 2009 at 11:20 am and is tagged Countrywide, fayetteville NC, properties, real-estate, VA foreclosures, vendee. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.