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Selling a home and considering a buyer with VA loan
Posted on 7/13/22 at 4:33 am
Posted on 7/13/22 at 4:33 am
So, we are selling and have a number of offers, all above asking. Our strongest offer is conventional. We have a young family who is VA, slightly under the best offer, but decided to write a letter to us. My realtor seemed reluctant to send us the letter, Bc my wife is a giant ball of emotion. Well, after reading the letter, my wife wants to consider the young family.
Question: is choosing a buyer with VA loan a pain/more difficult than conventional?
Question: is choosing a buyer with VA loan a pain/more difficult than conventional?
Posted on 7/13/22 at 4:43 am to FenrirTheBeard
VA gets a bad rap because sometimes the appraisal takes a while and they usually nitpick more than regular loans. My VA loan closed in 30 days because I made sure my mortgage broker scheduled the appraisal with the VA quick.
It can be rough using a VA loan as there's a stigma attached to it. It's bullshite because it screws over a lot of families. Especially in this market
It can be rough using a VA loan as there's a stigma attached to it. It's bullshite because it screws over a lot of families. Especially in this market
This post was edited on 7/13/22 at 4:47 am
Posted on 7/13/22 at 5:31 am to FenrirTheBeard
Karma will pay you back. Highest offer isn't always the best thing to do.
ETA: Accept the offer from the family with the hand written letter.
ETA: Accept the offer from the family with the hand written letter.
This post was edited on 7/13/22 at 5:33 am
Posted on 7/13/22 at 6:48 am to FenrirTheBeard
Depends on the home you are selling, imo. Does it need any repairs? How old is the roof? VA/FHA will not just do an appraisal but also a mini “inspection” and will require certain repairs as part of it for sale.
Posted on 7/13/22 at 7:00 am to FenrirTheBeard
quote:
My realtor seemed reluctant to send us the letter,
Your realtor is an a-hole. I’d sell to the family that took the time to write the letter, but it just depends on your financial situation and tolerance.
Posted on 7/13/22 at 7:03 am to FenrirTheBeard
I've bought two homes with my VA loan, and the inspectors/inspections aren't nearly as bad that they're portrayed to be. Should be perfectly fine as long as there are no huge, glaring repairs that are needed.
Posted on 7/13/22 at 12:32 pm to FenrirTheBeard
VA is a Good program.
Posted on 7/13/22 at 12:32 pm to FenrirTheBeard
Idk what’s exactly the motivation was, but 3 months ago my offer at asking was accepted over a VA offer that was 25k over.
Posted on 7/13/22 at 12:38 pm to FenrirTheBeard
We bought our house in Dallas ~3 years ago and it was a super frustrating process because of the stigma attached to VA loans. Multiple times we were told that a VA loan was a non-starter in the hot market and that we should consider using a traditional loan. Luckily we found a fantastic house after submitting ~8 offers (potentially losing maybe 3-4 of those bc of the VA loan). During the inspection process, the only thing that came up was that the owners needed to trim back some bushes that were growing too close to the house.
I haven’t had an opportunity to pay it forward yet, but if we sell our house, receive offers and one is a VA loan, if the numbers are competitive then they are going to be the winner.
I haven’t had an opportunity to pay it forward yet, but if we sell our house, receive offers and one is a VA loan, if the numbers are competitive then they are going to be the winner.
This post was edited on 7/13/22 at 12:39 pm
Posted on 7/13/22 at 6:20 pm to FenrirTheBeard
I'm not sure what people keep referring to as "VA inspections". I've bought 2 houses in the last 6 years with VA loans, and there was no VA inspection. There was a VA appraisal, and there was the inspection by my inspector. The VA didn't send anybody that said the roof was too old, or the bushes needed to be trimmed, or anything like that. Also, when you google it, there is no such thing as a VA inspection.
What did the letter say? I think you should go with them.
What did the letter say? I think you should go with them.
Posted on 7/14/22 at 5:18 pm to FenrirTheBeard
As a side note, I used Rocket for a VA last year and it couldn't have been less smooth than a conventional.
In fact, both my VAs were straightforward and that was with a little negotiation for each purchase.
In fact, both my VAs were straightforward and that was with a little negotiation for each purchase.
Posted on 7/15/22 at 2:07 pm to FenrirTheBeard
in principle no ... VA loan borrowers are qualified like any other borrower and have a guarantee from the VA at federal level ... so other than maybe more paperwork / appraisal process it should close on same timeline as any other loan from a seller's perspective
Posted on 7/15/22 at 2:47 pm to FenrirTheBeard
We just sold our house and the buyer was using a VA loan. Only issue was Appraiser would not come out until the ridge vent was fixed (issue was found during home inspection)
so we we pushed back a week on closing but still closed fairly quick,
so we we pushed back a week on closing but still closed fairly quick,
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