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OT- Any of you guys VA home owners?
Posted on 1/12/14 at 10:21 pm
Posted on 1/12/14 at 10:21 pm
Or familiar with the appraisal and inspection process? Overall closing experience?
I have three offers on my home. One is a VA. They are all full offers, so that's not a factor. The VA isn't asking for any closing assistance and their back out amount is a grand. Typical here is around 200. These people want the house and are ready to close. I've just heard horror stories about VA closings... Idk. I'm sure they are no different than FHA. Any input about VA loans (of value) is appreciated.
I have three offers on my home. One is a VA. They are all full offers, so that's not a factor. The VA isn't asking for any closing assistance and their back out amount is a grand. Typical here is around 200. These people want the house and are ready to close. I've just heard horror stories about VA closings... Idk. I'm sure they are no different than FHA. Any input about VA loans (of value) is appreciated.
Posted on 1/13/14 at 7:05 am to hoginthesw
Sorry I'm of no help here at all. I'd just make sure everything is tidy on the details, not much you can do to expedite the process I imagine.
Posted on 1/13/14 at 8:32 am to hoginthesw
Ask the buyers how many VA loans they've gotten over the years.
This will give you your answer to how crap tastic this will be for you...if it's their first, be prepared to wait.
This will give you your answer to how crap tastic this will be for you...if it's their first, be prepared to wait.
Posted on 1/13/14 at 8:41 am to Hawgeye
Yeah.....I'm going with the conventional.
I'm sure there are many of VA loans that process just fine, but if I have a conventional on the table that's the way to go.
I'm sure there are many of VA loans that process just fine, but if I have a conventional on the table that's the way to go.
Posted on 1/13/14 at 8:48 am to hoginthesw
I'd definitely do that.
Most people who do conventional have more cash handy...10-30% down which really makes the process quicker.
Most people who do conventional have more cash handy...10-30% down which really makes the process quicker.
Posted on 1/13/14 at 8:51 am to Hawgeye
I've bought two houses using the VA benefit within 10 months of each other.
Went very smoothly for me.
Went very smoothly for me.
This post was edited on 1/13/14 at 8:53 am
Posted on 1/13/14 at 8:59 am to hoginthesw
In Arkansas there was a little more paper work but that was about it. As long as their loan is though a credible lender everything should be fine. Your agent should be on top of this for you.
My wife use to be a REALTOR so I have some background
My wife use to be a REALTOR so I have some background
Posted on 1/13/14 at 9:00 am to webbgem
Webbgem, that's encouraging. I'm happy to have this "problem", but shiiiit. I have this stupid guilt of not giving the VA couple a fair shake. Must be pregnancy hormones, b/c I normally don't give a frick about a strangers feelings concerning money.
Posted on 1/13/14 at 9:01 am to Hawgeye
quote:
Most people who do conventional have more cash handy...10-30% down which really makes the process quicker.
down payment, in Arkansas at least, does not figure into the equation if a loan is still necessary.
I've seen my wife go through deals where down payment wasn't an issue but had some fricked up credit issues. weird
Posted on 1/13/14 at 9:02 am to hoginthesw
Are you going to have any concessions to buyers w/ conventional loan?
Posted on 1/13/14 at 9:04 am to sugatowng
quote:
sugatowng
He is. We are discussing this morning before I sign anything.
He's going to push the conventional I'm sure, since they are more lax in general. We'll see.
Posted on 1/13/14 at 9:06 am to sugatowng
quote:
Are you going to have any concessions to buyers w/ conventional loan?
Their first offer, they asked for closing assistance. With mulitple offers we asked all to come back with their best offer. I actually JUST got this ones best back from my agent. He's 3 over the asking and no closing. Just asking for a $500 carpet cleaning allowance.
Going with this one unless there is something I missed. Talking to my agent in about 10 minutes.
frick...now I gotta find a house.
Posted on 1/13/14 at 9:07 am to sugatowng
quote:
I've seen my wife go through deals where down payment wasn't an issue but had some fricked up credit issues. weird
right. that's all over I'm sure. The VA is financing 100%, but that's the whole purpose of the loan program, so it's hard to determine their financial situation from that.
Posted on 1/13/14 at 9:12 am to sugatowng
quote:
down payment, in Arkansas at least, does not figure into the equation if a loan is still necessary
I know that, but as a seller, it's always more enticing to know what kind of financial standing your buyer is in.
10-30% down on a conventional loan is always going to be more enticing to a seller versus a loan where no down payment is required. Even so when the fed loans that only required 3% down.
I'm sure there are tons of people who do Va loans that have exceptional credit, but to me, as a seller, it looks like I'm dealing with a much more responsible buyer if they have 10-30% saved up.
Posted on 1/13/14 at 9:12 am to hoginthesw
quote:
Their first offer, they asked for closing assistance. With mulitple offers we asked all to come back with their best offer. I actually JUST got this ones best back from my agent. He's 3 over the asking and no closing. Just asking for a $500 carpet cleaning allowance.
nice
Posted on 1/13/14 at 9:14 am to sugatowng
yeah. here's to hoping for no hiccups along the way.
Posted on 1/13/14 at 9:15 am to hoginthesw
You in DFW?
I lived downtown at Southside on Lamar lofts for a couple years.
I always enjoyed the Frisco area.
I lived downtown at Southside on Lamar lofts for a couple years.
I always enjoyed the Frisco area.
Posted on 1/13/14 at 9:23 am to Hawgeye
Yep.
I'm in Plano right now. I THOUGHT I was going to move to Frisco or even McKinney, but Saturday I spent the day looking at areas and I found out quikc that while I enjoy a lot of about Frisco, living there just isn't me. It was just TOO much of suburbia on a day to day basis.
I'm going to be buying at the Plano/Allen corridor. Right around Legacy and Independence/Custer if you remember that area at all. One is in Allen, but Plano schools and the other is Allen/Allen.
I remember when I first moved to DFW and Southside was fairly new. Very cool building.
I'm in Plano right now. I THOUGHT I was going to move to Frisco or even McKinney, but Saturday I spent the day looking at areas and I found out quikc that while I enjoy a lot of about Frisco, living there just isn't me. It was just TOO much of suburbia on a day to day basis.
I'm going to be buying at the Plano/Allen corridor. Right around Legacy and Independence/Custer if you remember that area at all. One is in Allen, but Plano schools and the other is Allen/Allen.
I remember when I first moved to DFW and Southside was fairly new. Very cool building.
Posted on 1/13/14 at 9:40 am to hoginthesw
Yea, loved living there. Rooftop parties were the tits for a country boy from Arkansas. Actually dated a Cowboys cheerleader when I lived there. She turned out cray cray.
I like Plano as well. I haven't been to Frisco in years. At that time, it seemed like the new money type of place.
Was in Dallas a few weeks ago at the Ritz. Saw Uncle Jerry...he didn't like my advice on Romo.
I like Plano as well. I haven't been to Frisco in years. At that time, it seemed like the new money type of place.
Was in Dallas a few weeks ago at the Ritz. Saw Uncle Jerry...he didn't like my advice on Romo.
Posted on 1/13/14 at 9:44 am to Hawgeye
I can only imagine the advice Jerry gets everywhere he sets foot around here....and well deserved.
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