Did you know that in the last 3 months, a 3 bed, 2 bathroom home in my neighborhood of Bethany Village sold for $515,000, according to RMLS data? Now, while the mortgage on that home crunches
VA loans and sellers
Dated: June 1 2022
VA loans and sellers
The road to closing is long and can get bumpy if financial or structural snags get in the way. The road can be even windier for VA buyers who face additional VA loan-specific requirements. This reality has actually caused greater discrimination faced by VA buyers because in a growing number of cases, the listing agent and by extension the seller, do not want to deal with complications beyond the norm during the home-selling process.
I can certainly sympathize. There are added pressures faced by military sellers that civilians don’t have to contend with, such as the time crunch that comes with transfer season. A seller might not have the freedom to wait the extra time it may take to get through the transaction, even if technically, the seller doesn't have to be physically present to sign necessary documents.
However, there is a way that a seller can expedite the transaction process and still do business with a VA buyer.
As a rule of thumb, don’t wait until the appraisal to get your ducks in a row. In other words, sellers can make standard VA-required repairs prior to the appraisal. The probability of saving on time is enormous.
To date, VA appraisers will require the following:
- Water heaters must be double strapped.
- No paint peelings/scrapings on the house or ground. Replacement paint MUST match the siding.
- Home must contain functional carbon monoxide and smoke alarms.
- Any moss found on roof must be “killed”.
- Dry rot must be addressed.
- Ceiling stains must be addressed.
- Built-in appliances must be replaced if mission, prior to closing.
*ANSI standards do not apply to the VA.
*Electricity no longer has to be turned on for inspections.
My motto has always been, 'Home is more than a place, it's a plan!' I base my entire business on this philosophy to ensure the success of my clients!I was born and raised in El Paso, Texas, but now ca....