VA Vendee Financing on REO's

[Dealmaker321]

Is anyone familiar with the VA's Vendee program on their REO's???  I talked to a processer at BOA whose handeling this for the VA it really sounds like a awesome deal!!!

http://www.homeloans.va.gov/docs/vendee_flyer_032009.pdf

[Dave T]

I have done a couple.  What is your question?

[Diqueze]

Dave T

I have purchased a REO before using cash which I never will do again. Too much of a risk using your own capital. I'm learning other ways to invest without having to use my money. My question is if the VA has the property listed for say $40.000, can your offer be lower even if you are trying to obtain vendee financing?

[Dave T]

In my limited experience, the VA is not very flexible when considering less than full price offers.  I have never had an offer accepted for more than an 8% discount to the list price.

I don't know what the VA will accept in today's marketplace, but since you have to use a VA approved real estate agent to make your offer, perhaps the agent you use will have more insight into the process.