Financing Question for a Foreclosure
Hey all,
I'm pretty new to BP and to REI in general. I purchased the house I live in a year ago and now see the light of what real estate can do! So I'm reading and researching a lot, I'll be taking a class at community college, and just trying to get educated. I'm in the Portland, Oregon area and my plan, like many, is to buy and hold for eventual financial independence and retirement.
I'm writing today because I have one specific question. I was speaking with a broker yesterday about a foreclosure house she will be showing me on Friday. When I was asking a few questions, one of the things that came up were the forms of purchase the owner will and won't accept. She said that he would accept cash or a rehab loan, but no VA loans or conventional loans. I didn't ask because I didn't want to sound stupid, but can anyone explain why this would be? Specifically, why wouldn't a conventional loan be acceptable? Doesn't he get payment for the house either way? Hopefully this isn't too dumb of a question, but I'm still learning and this is probably as good as any place to ask.
Thank you in advance!
Corey