Posted by Gary on October 28, 1998 at 20:27:00:
Tony,
I have helped people purchase homes from the VA and no, they do not provide title insurance. You have to purchase that yourself but, they do give you clear title of the property. The title insurance is for the lender and never hurts to have one.
To get the best deals on VA foreclosures is to obtain your own financing, not from the VA. You can usually get the house for well below market value when the VA is able to become totally free of the property. Their goal is to free themselves from the property quick and easy. I have sold VA homes using FHA loans. I work with a lender who has a large bag of tricks.
My last deal was a young girl who could afford the down
payment but had no money for the repairs that FHA called for and with VA you can not touch the property before it is sold. We had the necissary estimates and we set up an escrow account for the repairs (repairs where minor, cosmetic). Once she was in the house, she did the repairs herself and received a full refund from the escrow account so she was able to pay her mom back the money. She got a 3 bedroom, 1500 sq ft ranch home at 20% below market value and she is not an investor.
Not bad for a 22 year old who just wanted a place to live.
Good luck investing,
Gary