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Old 10-06-2019, 12:16 PM
Status: "Hard Money Lender " (set 20 days ago)
 
287 posts, read 71,438 times
Reputation: 577

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Quote:
Originally Posted by prospectheightsresident View Post
Gotcha, thanks. Though the VA appraisals follow the home for a limit period of time (in most cases, 6 months before they expire), that still may be an inconvenience for some. Still, given that appraisers aren't using one standard for VA buyers vs. conventional buyers, I don't see this being a problem in the overwhelming majority of cases.

I can also see the second point, though they can't require that you do anything (you don't have to accept the conditions, though it could be a pain to have to go through all of that only to have to back out because you don't want to do repairs). Still, the repairs/home condition requirements to secure VA funding are actually pretty lenient: https://www.militaryvaloan.com/blog/...-requirements/ That said, the potential for extra work and headache seems to make sense for you to disregard VA loans.
Exactly. It is generally a seller’s market, I price my properties at a price I think is fair for the market, my MLS agent confidential always says “CASH PREFERRED, AS-IS WHERE-IS NO REPAIRS OR CREDITS”, and am willing to negotiate slightly but not a whole lot. That said, a buyer using a VA loan is too much work when there are other conventional or cash buyers out there.
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Old 10-06-2019, 12:35 PM
 
Location: Rochester, WA
6,442 posts, read 3,632,671 times
Reputation: 17382
I have discussed VA loans and VA buyers here extensively… There’s a lot of wrong generalizations made about VA buyers. The most notable wrong assumption is that VA buyers have less money than other buyers or credit problems that make them choose VA as an option instead of conventional. Not only has that not been my experience... VA buyers have been among the most qualified buyers we’ve had, The VA loan offers far better terms to the buyer than a conventional loan. It is not a lesser loan.

The other often misplaced fear is of the appraisal process. I would only worry about VA appraisal if it is a substandard dilapidated or fixer home. We’ve had no more trouble with VA appraisals than any other for coming back with conditions or low values on homes that are in livable condition.

If that was the reason the offer was rejected, then I’m sorry and that’s a shame… It’s not our policy to ever recommend rejecting for that reason, unless the house condition will not qualify. It could however be that they received a higher offer or a cash offer or one even with a lender that was better known to the selling team. There are usually lots of considerations.
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Old 10-06-2019, 01:25 PM
 
163 posts, read 75,406 times
Reputation: 285
The seller probably didn't think you were a serious buyer because you are out of state and you didn't schedule a showing to physically see the house in person. You put in an offer sight unseen and those deals usually fall through. I wouldn't sell my house to someone who didn't even schedule a private showing to see it. Also, personally I would only want a buyer who actually had a connection to my home. I would only sell to someone who will actually enjoy my home and that will love it as much as I do. When people are selling primary residences those sales can be emotional compared to selling investment properties that is all about business profit with no emotion connection to it. Sellers really look at all the little details.

Last edited by possibleyou; 10-06-2019 at 02:50 PM..
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Old 10-06-2019, 01:34 PM
 
Location: Columbia SC
9,420 posts, read 8,152,642 times
Reputation: 13222
In selling my last home it came down to me having 3 offers. One was the highest dollar offer, no closing help, and they said cash deal but it was dependent on them completing a closing on their present home which was scheduled in 30 days. Another was the lowest of all and they wanted closing help. Another was for a bit lower than asking and they wanted some closing help, and as the house was empty they had it "informally" inspected and would take as is.

Bottom line is one may never know what all the offers are nor in the long run which was most appealing to the seller.

Care to guess which of the 3 offers I took.
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Old 10-06-2019, 01:47 PM
 
19,196 posts, read 21,207,421 times
Reputation: 28598
Quote:
Originally Posted by prospectheightsresident View Post
What do you mean? In my experience, there have been no appraisal issues with VA loans. They aren't using special appraisers. I used a VA loan in Hawaii and my appraised at asking price. The same goes for all of my friends (a handful of us) who used VA loans in Hawaii.
The appraisal isnít always the issue. VA declines to loan on houses that need maintenance that was deferred. I have no issues with VA loans. I take the offer that I feel has the best chance of closing with the least amount of bs and delay.

If I accept a offer and the buyer immediately starts playing games Iíll simply decline to any Mickey Mouse arctic other than the initial contract I agreed to. Now if there is a legitimate complaint or setting not disclosed I can see needing a renegotiation. Otherwise I donít have to agree to anything I donít like.
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Old 10-06-2019, 03:13 PM
Status: "Hard Money Lender " (set 20 days ago)
 
287 posts, read 71,438 times
Reputation: 577
Quote:
Originally Posted by Electrician4you View Post
The appraisal isnít always the issue. VA declines to loan on houses that need maintenance that was deferred. I have no issues with VA loans. I take the offer that I feel has the best chance of closing with the least amount of bs and delay.

If I accept a offer and the buyer immediately starts playing games Iíll simply decline to any Mickey Mouse arctic other than the initial contract I agreed to. Now if there is a legitimate complaint or setting not disclosed I can see needing a renegotiation. Otherwise I donít have to agree to anything I donít like.
Agree. Especially when a buyer tries to use an inspection report to renegotiate the price or ask for repairs of things that were visible when they viewed property before they offered. I had a sale last month where the buyer asked me to repair a light switch cover and replace a window with a broken seal. Both were entirely obvious prior to making an offer. In Idaho, where this property was, the seller has three days to respond to a repair request ... I just let the repair request sit until it expired. I do not like those types of games.
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Old 10-06-2019, 04:25 PM
 
Location: Australia
1,194 posts, read 446,254 times
Reputation: 2263
The people we have been assisting in their buying process were very upset when they missed out on a particular property. It was listed for auction and they were told no pre-auction offers as yet. The next they heard, a few days later, it was sold. They would have paid up to $US200,000 more than the seller accepted. So they were pretty annoyed at being kept outside the process.

However, now that they have found another property, which they had to secure by getting the loan approval, deposit paid and contract signed all within about three days, they have moved on and are excited about this house.

Really all you can do is learn from the process and put it behind you.
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Old 10-06-2019, 05:01 PM
 
Location: Princeton, New Jersey
543 posts, read 898,446 times
Reputation: 914
Quote:
Originally Posted by Jimrob1 View Post
I'm really upset about this tonight, and the entire experience was horrible. So please don't reply with smug unkind comments. There is no need for them, and believe me I'm in no mood for the infraction I'd get for my reply.

I was contacted by a Remax agent out of state, about a home that would be going up for sale. They were giving me a heads up. I had contacted that agency several weeks earlier about what i was looking for in a home , neighborhood. Price, They were given a copy of my preapproval letter.

The requirements were all met with this home. I looked at numerous pics of the home,, goggle maps of area. I had just been in the area 3 weeks earlier. I was sent videos of the home. I also had a friend that was familiar with this particular home and recommended it. I had lost out on 2 other homes because I did not put the offer in quickly. So this time I put it down as soon as the house listed. The offer was for list price. I already have my Mortgage preapproval. The house wasn't even on the market 24 hours, and my offer was rejected. In fact the offer was rejected 4 hours after this house listed. Is this normal. No explanation why. when I asked the agent she doesn't know the reason. It happens she says. I'm beginning to wonder how anyone is suppose to buy a house now days. It seems only the worse of the worst houses are offers accepted. Reason being difficulty finding buyers. I am pretty sure I made the first offer, if in fact there are even any others. I notice this listing is saying open house 2 to 4 tomorrow.

So does anyone know why things like this happen in this type of situation. There are a few ways to take this. When I have sold a home as soon as an offer fits what I'm selling for so accept it. Are things different now?
My guess is that you raised their hopes with a full price offer so soon after listing. Theyíre probably thinking hey, if we got a full price offer this soon, might as well wait and see if we can make more profit. Plus it could be theyíre scared or nervous about this transition in their life. They might not be ready to accept that they really are selling, even though yea, they have listed it and so should expect it to sell. But these are people so rationality isnít always the leading factor in making decisions (I say this with no judgement). If this was a foreclosure, the bank probably would have taken the deal. But normal people youíre tangling with emotions. They may also have considered that you didnít even see the house, something they might take as a negative or they might think youíre an investor rather than someone wanting to live in the house. Logically shouldnthry care what the next owner does? No. But most likely they do.

I recommend sending an explanation that youíre out of state and what your intentions are/why youíre interested either through your realtor or re-submit your offer with a letter to them. Do something to make this more personal, like it might be if you had met them during a visit, or if they just knew you visited and were therefore seen as serious in their eyes.
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Old 10-06-2019, 05:58 PM
 
Location: Lakeland, Florida
7,076 posts, read 12,701,243 times
Reputation: 8932
Quote:
Originally Posted by Kiru View Post
My guess is that you raised their hopes with a full price offer so soon after listing. Theyíre probably thinking hey, if we got a full price offer this soon, might as well wait and see if we can make more profit. Plus it could be theyíre scared or nervous about this transition in their life. They might not be ready to accept that they really are selling, even though yea, they have listed it and so should expect it to sell. But these are people so rationality isnít always the leading factor in making decisions (I say this with no judgement). If this was a foreclosure, the bank probably would have taken the deal. But normal people youíre tangling with emotions. They may also have considered that you didnít even see the house, something they might take as a negative or they might think youíre an investor rather than someone wanting to live in the house. Logically shouldnthry care what the next owner does? No. But most likely they do.

I recommend sending an explanation that youíre out of state and what your intentions are/why youíre interested either through your realtor or re-submit your offer with a letter to them. Do something to make this more personal, like it might be if you had met them during a visit, or if they just knew you visited and were therefore seen as serious in their eyes.
The house went under contract yesterday with the offer they accepted.
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Old 10-06-2019, 06:24 PM
 
Location: Princeton, New Jersey
543 posts, read 898,446 times
Reputation: 914
Quote:
Originally Posted by Jimrob1 View Post
The house went under contract yesterday with the offer they accepted.
Itíll be interesting to see what the sale price ends up being.
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