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Location: Halfway between Number 4 Privet Drive and Forks, WA
1,516 posts, read 4,589,470 times
Reputation: 677
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I was faxed a VA Exhibit by my buyer's lender today.
Am kind of concerned and sent it over to my attorney to review along with our purchase contract and waiting to hear back.
The wording on it has me a little bothered. No agent to ask because none are involved (please don't bash me, it is a long story and I wish to do it justice....)
After all the reading I've done on this forum about VA loan nightmares, I was wondering if anyone would be kind enough to comment on these exhibits.
Our purchase contract has no contingencies, not even a financing contingency. I want to make sure if my buyer's can't get VA financing, they are still obligated to pursue other financing means (FHA, conventional).
This "exhibit" states if it doesn't appraise with VA appraisal, buyer is entitled to their earnest money but can still pursue purchasing the house if house appraises low. I don't really see that happening (low appraisal) but want to make sure I'm not initialing my non-contingency away either.
Location: Halfway between Number 4 Privet Drive and Forks, WA
1,516 posts, read 4,589,470 times
Reputation: 677
Quote:
How can you have a contract without a financing contingency, but then have a exhibit/addendum that acknowledges the VA loan?
Well, that's kinda my question.
Am wondering why buyer's lender is requiring me, the seller, to initial this document....
As a seller, it looks like it's an out for the buyer if they can't get the VA appraisal to come in high enough.
On these very message boards, I've read that VA appraisals tend to come in low. Is that true?
Am I overanalyzing this? (My husband says I'm being weird about it, but I'm just trying to watch out for us)
Location: Halfway between Number 4 Privet Drive and Forks, WA
1,516 posts, read 4,589,470 times
Reputation: 677
Yes, I'm aware of certain fees I must pay. I finally got my attorney to review and he got back to me. He said the exhibit didn't necessarily change our original contract, with the exception of the fees we'll be required to pay. I'm okay with that...so...inspection today!
Well, that's kinda my question.
Am wondering why buyer's lender is requiring me, the seller, to initial this document....
As a seller, it looks like it's an out for the buyer if they can't get the VA appraisal to come in high enough.
On these very message boards, I've read that VA appraisals tend to come in low. Is that true?
Am I overanalyzing this? (My husband says I'm being weird about it, but I'm just trying to watch out for us)
I just had a nightmare appraisal on a va loan, they came in way under what the buyer was paying. This was very out of line for other comps in the area, when I sent some to the appraiser they wouldnt even consider what I sent them. To make a long story short, we had to go a different route of financing and getting the home re appraised and like we thought, it appraised easily. The thing I was told and do not know it as being fact is this, once a va appraiser appraises your home and for some reason the deal falls through, your home goes back on the market and then the next buyer uses va, you have to use the first appraisal, no matter how low. that's my two cents.
Location: Halfway between Number 4 Privet Drive and Forks, WA
1,516 posts, read 4,589,470 times
Reputation: 677
Quote:
Originally Posted by CAugust
I just had a nightmare appraisal on a va loan, they came in way under what the buyer was paying. This was very out of line for other comps in the area, when I sent some to the appraiser they wouldnt even consider what I sent them. To make a long story short, we had to go a different route of financing and getting the home re appraised and like we thought, it appraised easily. The thing I was told and do not know it as being fact is this, once a va appraiser appraises your home and for some reason the deal falls through, your home goes back on the market and then the next buyer uses va, you have to use the first appraisal, no matter how low. that's my two cents.
Good luck to you, I hope all turns out well!!!
I asked our buyer's agent we are using for our new house for her opinion and she told me pretty much the same thing about the appraisal. Basically that it "sticks" to the property for 6 months.
Thanks for the luck!
Am pretty pleased with the inspection. I was home during the inspection (again we are FSBO), but other than a few minor things, he told the buyers they were getting a very well maintained and solid house, so I think they're feeling pretty good about it, too.
Now, gotta wait on appraisal, but I'm not gonna stress myself about it.
I asked our buyer's agent we are using for our new house for her opinion and she told me pretty much the same thing about the appraisal. Basically that it "sticks" to the property for 6 months.
Thanks for the luck!
Am pretty pleased with the inspection. I was home during the inspection (again we are FSBO), but other than a few minor things, he told the buyers they were getting a very well maintained and solid house, so I think they're feeling pretty good about it, too.
Now, gotta wait on appraisal, but I'm not gonna stress myself about it.
Location: Halfway between Number 4 Privet Drive and Forks, WA
1,516 posts, read 4,589,470 times
Reputation: 677
Thanks Virgo! As always, I appreciate your kind words
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