Foreclosures For Sale Updated On: 11/19/09
Cash Offers versus Term Offers
Cash Offers versus Term Offers
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When buying VA foreclosure homes for sale, a buyer has two separate options:
When a buyer writes a cash offer for VA foreclosed for sale, the buyer is not offering a large lump sum cash payment for the home, but rather the homebuyer releases the VA from the financing on the foreclosed home. The VA is often very flexible with closing costs and the final cost of the house with a cash offer because the seller releases the VA's responsibility for the mortgage if another foreclosure homes were to occur while the new homebuyer has the loan.
The homebuyer is asking the VA to hold financing on the foreclosed home when writing a term offer. This type of offer allows the buyer an opportunity to buy foreclosure homes for sale with no money down. The buyer still has closing costs though. Closing costs are usually from one to six percent of the price of the home.
You can make a cash offer for the home and ask for the maximum contribution towards closing costs. Once the contract is accepted, contact the Ameridream Foundation. The Ameridream Foundation will provide the closing costs as a charitable contribution. Go to www.ameridream.org to learn more about the Ameridream Foundation.
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