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I don't understand why my failure to agree that certain types of loans are acceptable is upsetting. I will continue to use a screening process that works for me.
I wouldn't say upsetting. It's frustrating to see you passing along bad information.
As for your right to hang on to your opinions no matter how narrow, yes, carry on.
Okay they used a different checklist. Point taken. But there is a difference, no? This is not the first post to point that out. In fact, I believe you even said that same thing, somewhere.
I could care less what is best for the buyer. In the question posed, I stated what I would prioritize. Again, this is not specifically about a VA loan. Its about anyone, anywhere, who thinks it is a good idea to buy with no down payment. I fundamentally oppose that idea and will not be entertaining those kinds of offers. I know its an agent's job to try and convince a seller to accept an offer and you have tried your hardest to show that a zero down loan makes sense. It will never be something I support. I am sure it is a great deal for a buyer who can get into a house for very little. But I don't agree with that practice. Sorry, I just don't. And I probably never will.
I do look at other things with any offers-- as I have said, I have a hierarchy. I just won't consider a buyer who uses loan vehicles that don't require money down. That is the first rung on the ladder, so to speak. From there, there are a lot of other factors. Again, this has worked. I am sure buyers I rejected found houses elsewhere. Everyone is happy. I don't understand why my failure to agree that certain types of loans are acceptable is upsetting. I will continue to use a screening process that works for me.
My husband has a very similar opinion of buyers who don't either have cash or use a conventional loan with a big down payment. He feels very passionately about this based on the fact that he saved up a very large down payment on our first home by working extra jobs (he also put himself through med school by working multiple jobs: we both worked lots of terrible jobs! He is the hardest working person I know.) But he is what you might call a fiscal conservative/by-your-bootstraps type of guy. And even though he's only in his 40s, he does have a very strict view of how people should prioritize their finances. Some might even say he has an old fashioned view. But its worked very well for us so I don't have any complaints.
Its sad to see people pile on this thread when the OP asked a simple question and many have answered it based on their experience, expertise, etc. I am still not sure why anyone is arguing on this board and trying to change people's minds. Some people have a way of doing things a certain way and others have a different way. The OP asked for opinions and he/she got them. I am surprised to see so many agents who are willing to arm wrestle over this topic. It really just doesn't seem worth it to me. People will do what they do.
Last edited by desperatedogadvice; 07-16-2018 at 02:57 PM..
I am surprised to see so many agents who are willing to arm wrestle over this topic. It really just doesn't seem worth it to me. People will do what they do.
If I'm posting on a subject, I feel obligated to make sure obvious errors are corrected... Because if I don't people might think they're true. Opinions can vary... facts usually don't.
I disagree that minds aren't changed by debate in here, they're changed all the time. With correct facts, more people will come to correct decisions.
I do not receive well wishes from people who do not mean it and I do not require yours.
As far as your last statement, if that is a threat of some sort, I would tread lightly. It's frowned upon on CD.
You see a threat in that? Someone has some paranoia. I only meant, let's hope you are never trying to buy one of my properties as that was the topic at hand. I am sure you would never deign to as I am an elitist snob like that other seller who didn't like your offer. But again, best of luck.
My husband has a very similar opinion of buyers who don't either have cash or use a conventional loan with a big down payment. He feels very passionately about this based on the fact that he saved up a very large down payment on our first home by working extra jobs (he also put himself through med school by working multiple jobs: we both worked lots of terrible jobs! He is the hardest working person I know.) But he is what you might call a fiscal conservative/by-your-bootstraps type of guy. And even though he's only in his 40s, he does have a very strict view of how people should prioritize their finances. Some might even say he has an old fashioned view. But its worked very well for us so I don't have any complaints.
Its sad to see people pile on this thread when the OP asked a simple question and many have answered it based on their experience, expertise, etc. I am still not sure why anyone is arguing on this board and trying to change people's minds. Some people have a way of doing things a certain way and others have a different way. The OP asked for opinions and he/she got them. I am surprised to see so many agents who are willing to arm wrestle over this topic. It really just doesn't seem worth it to me. People will do what they do.
No one is arguing on this board, what I do see is providing corrections to incorrect statements, things like the appraisal subject that came up.
At that, unless you or your husband is a veteran, you did not have the option for a VA loan. Putting 20% down makes sense in any other scenario due to PMI. If you all were eligible for a VA loan, it would make much more sense to put the for example $40k into an index fund which averages 8-12%, than real estate which averages 3-5%, you essentially cost yourselves a whole lot of money; but as mentioned, you may not have been eligible anyway. But a fiscal conservative would know that, right?
The only negative I personally discovered with a VA loan is when it comes to condos. It has to be on their approved list and the ones where I live were out of my price range. They will normally finance a townhouse but it has to be listed as a single family dwelling with the tax collector.
But some people on C-D just like to be contrary and argumentative, usually the same ones over and over but I'm sure most of you know that already.
Last edited by chiluvr1228; 07-17-2018 at 06:12 AM..
If I'm posting on a subject, I feel obligated to make sure obvious errors are corrected... Because if I don't people might think they're true. Opinions can vary... facts usually don't.
I disagree that minds aren't changed by debate in here, they're changed all the time. With correct facts, more people will come to correct decisions.
You have never met my husband
I really don't think there is a 'correct' way to make a decision about an offer on someone's home. People will consider the things that are important to them. In fact, my grandmother accepted an offer on her house out of a pile of them because she liked the way the handwriting was done on the buyer's signature. She had multiples with similar financial and closing date characteristics and something that was important to her (good pensmanship, she had been a grade school teacher for many years) helped that one over the top. I am certain that sounds arbitrary to many on this board. But as I said, people will do what they do. I hope that the OP makes a decision that works for him or her. I know if I were in his/her shoes which offer we would go with.
Emotiioo, you are certainly entitled to your opinions about VA buyers, but I still must correct you when your facts are wrong. I've corrected some of these things before so I'm not sure you're reading my replies, but I'll put this out there for everyone else:
"- VA loans can be risky because their appraisers may not properly value the house"
The VA does not have their own appraisers. They do have their own appraisal requirements, but that's a different thing. VA loans use the same licensed appraisers as with any loan. As such, these appraisers will value the home the same regardless of loan type. Nothing about the process difference has any bearing on comps or value... They just have a different checklist for VA, mostly maintenance and safety issues about the house, like lack of smoke alarms or peeling paint or bad roofs. And any more... conventional loans have been calling out similar things, so I'm not sure they're really all that different these days.
I'll just leave your second post be, where you admit you very well may be wrong, but justify holding the opinion anyway because others might also feel that way.
"Then get a different type of loan with a bigger down payment to make a stronger offer (or pay cash.)"
Your first sentence in this post.You call the conventional loan stronger when it offers higher closing costs, a higher interest rate, and much less flexibility. Let's be clear on one thing... A veteran who CAN use VA loan benefit, would be just plain STUPID not to. There is NOTHING about going conventional, that is better for the borrower. I know you don't care about that... but the VA loan makes better business sense. Think about what you say are your justifications for holding on to your prejudice, that you believe you're selecting better buyers... in fact, you're not. Not if the only basis you're looking at is the loan type... not their overall qualifications.
My two cents on those issues.
Diana, thank you for posting this. I truly value your knowledge. A lot of people on this forum don't always know what they're talking about, but you do. I always appreciate it when you step in to set things straight.
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