How Do I Search for VA Repo Housing?

VA repo housing is offered to buyers on the open market as a result of delinquency of payments. Some mortgage loans are secured by the Department of Veterans Affairs (VA), similar to how some loans are secured by the Federal Housing Administration (FHA). The VA guarantees these loans given by private lenders to qualified participants.

When the homeowner defaults on the loan and does not make the payments, the VA, as the guarantor of the loan, has the obligation to sell the home to pay the balance on what is owed. The VA will repossess the home and then sell it through a variety of channels. This is what is known as VA repo housing.

There are several ways to find VA repo housing on the open market. The first is to browse through the Multiple Listing Service, or MLS. This is the main way homes for sale are listed, for real estate agents and prospective homebuyers alike. Several websites feature MLS listings, and can be searched by individuals looking for bargains. Finding enough information through this method, though, can be very difficult and time-consuming.

You can consult your real estate broker and inquire into VA repo housing in your area, but your broker may not have as much information. He or she can point you in the right direction, though, and may have an inside track on a particular property.

The best way, however, to find VA repo housing is to use online foreclosure and repossession listing services. These websites offer free and subscription methods that can help you locate specific property types within a geographic area, complete with the listing information you need to narrow your search. Any search for VA repo housing should go this route for optimal results.