Veterans Benefits - Challenges Using VA Loans in Sellers Markets
Being licensed in both Arizona and California, being a military veteran (service connected disability) and currently using my own Veterans benefits - in the form of a VA Loan, it has become exceedingly obvious the challenges a veteran faces getting their offer accepted in a sellers market.
The Arizona market is on fire right now, with us receiving as many as 30 offers on a single property. I have even heard of a recent HUD home receiving 91 offers!!! What typically happens to a veteran who plans on using their VA Home Loan benefit??? In a case where there are multiple offers, some cash, some conventional, some FHA, etc, it seems as though the VA home buyer may be at a distinct disadvantage. For starters, many times the buyer will request seller concessions in the form of closing cost assistance. There are times when the buyer may bid over asking price to cover those costs, but then there are potential appraisal issues. Additionally, the home must meet certain standards to qualify. So what ends up happening is the seller chooses one of the other offers... They will not come right out and say it was because the buyer was using a VA loan, but the above reasons will warrant the choosing of another offer.
As a result, we are in the initial stages of forming the Military Veterans Association of Real Estate Professionals. The plan is to develop the most dynamic and effective organization for those interested in helping the military veteran achieve the dream of home ownership. Additionally, the group will provide real estate agents the support and tools to help the veteran home buyer as well as educate the home seller on the benefits of considering the veteran home buyers offer. Furthermore, this organization will help educate the general public and bring awareness to the challenges of the VA home buyer.
Ultimately, the goal will be to help more veterans achieve the dream of home ownership. This organization will be evolving over the next few months, but FREE membership is available right now. Joining is simple - just visit Military Veterans Association of Real Estate Professionals now and click the Join the Community Button. You will not be spammed. This is a real organization with big ideas and an honest committment to helping all who have served our country.
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