I had a short sale listing with Wells Fargo that was a VA loan. We presented an offer to Wells Fargo that would net just over $125,000. Wells and VA denied it but then allowed the seller to do a deed in lieu of foreclosure.
Property just came on the market as a REO.
Listed at $113,900
Let's do the math.
Assuming VA did not spend any money to get the property back or any money to repair the property (we all know that they spend thousands in attorney fees and asset management fees but we will leave that out for now)
If the property sells for list price $113,900
6% commission, doc stamps, title fees, 2010 taxes would bea approx $11,000 in seller costs
VA nets $102900
So the way I see it, in this small example, the idiots at the VA think that $102,900 is better than $125,000. No wonder our country is in trouble!
I did not account for probably over $10,000 in legal fees to do the deed in lieu, heck at that rate, maybe $20,000 since the VA probably thinks $20,000 is less than $10,000
Multiply the $22100 times thousands of stupid deals like this
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