My associate Gene Mundt a very qualified loan officer here on ActiveRain (one of many) asked me to let him know how it went in doing business with getting a VA approval for a sale of a home. I have shied away from them in the past because all cash or conventional loans went smoother and quicker
Well I am pleased to announce that the whole process went very well. The agency acted in a timely manner and appropriately, a VA appraiser contacted me. He asked me many questions and was very much wanting to know what I knew. I do not believe he was from the area. But that didn't stop him from gathering data to do his job. A week later, another VA appraiser contacted me for comps too
He visited the property, did his job and turned in a report within a few days. I was impressed. Then, the loan officer wasted no time in getting the written approvals and locking them in.
In the past as well as today, those appraisals have been known to come in low. When that happens, either the seller has to lower his price or the buyer has to come up with more money. I had this happen on a recent home I had for sale. The buyer made good money and was using a VA loan. But she told me that she was not prepared to pay anymore than what the VA said it was worth.
Well the problem of having multiple bidders that are all cash or conventional financing was working against her. I told her I already had several people interested and all had signaled that they would pay more if they had to. Of course that blew her out of the running completely. I will never forget what she said to me in earnest with compassion
How can anyone buy a home today using the VA process under these conditions..? I had no answer for her. Perhaps with all the rollbacks of value and the flood of product expected to hit the markets, she would stand a better chance in the near future. Of course my recent experience confirms this.......
VA product is lucrative as there are many veterans out there.......happy escrows.....
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