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Old 01-16-2009, 09:49 AM
 
Location: Iowa
113 posts, read 413,405 times
Reputation: 60

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We are first-time home buyers who intend to use a VA loan for the purchase of our home. We have been looking at a variety of real estate websites to gather information and I am a little confused by something. One of the sites we have been using lists mortgage "terms available". I have noticed that very few of the listings have VA as one of the terms they will accept.

So here are the questions I have:

1. Are these set in stone? If a property lists "cash or conventional" or "conventional, FHA" as the terms, is it even worth our time to look at the property? Or are these "preferred terms" as opposed to absolutes?

2. Would people who are trying to sell their homes really turn down a legitimate offer just because we are using VA financing??? I would think in this market sellers can't really afford to be quite so picky.

Any insights from those of you with experience in this area would be greatly appreciated.
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Old 01-16-2009, 09:51 AM
 
Location: Salem, OR
15,064 posts, read 37,223,546 times
Reputation: 15834
There are some sellers that refuse FHA and VA financing, but they are rare. I think many agents forget to talk with their clients about financing options and so check cash and conventional. I've seen listings where only cash was checked and my clients did FHA financing. The data is only as good as the person entering it.

I would look at all homes and submit away. No sane seller is going to turn down a qualified buyer.
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Old 01-16-2009, 10:38 AM
 
Location: Olympia
1,022 posts, read 3,922,021 times
Reputation: 836
It will cost a seller $300 to deal with a VA buyer and the appraisal may be more scrutinizing and the process make take a bit longer.
I can't imagine that many sellers will let that be a hindrance. As Silverfall stated, it could be that some agents are just in the habit of checking "conventional" and "cash out". Realtors have to present all offers, so I'd recommend looking at aany home you're interested in and not letting the listed financing options deter you from moving ahead.

Good Luck!

Sandy
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Old 01-16-2009, 11:10 AM
 
121 posts, read 391,599 times
Reputation: 125
Default come buy my house!

Hi,

I'm a seller, and no one ever asked me what types of terms we would accept so I'm wondering if you are seeing some sort of default options. Sure, I don't really care how you are paying for the house. Someone mentioned $300 cost to sellers for a VA loan, big whoop.

Make your offers, the worst that they can say is no.

Melissa
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Old 01-16-2009, 11:40 AM
 
Location: Iowa
113 posts, read 413,405 times
Reputation: 60
Thanks so much for the answers and the encouragement!
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Old 01-19-2009, 12:25 AM
 
Location: Colorado Springs, CO
1,570 posts, read 5,705,574 times
Reputation: 1401
Actually, there are limits - or rather ceilings to VA financing. If that's not the case in your price range the reasons could be the cost to the seller. For a seller VA financing is some of the most expensive and troublesome financing a buyer can offer. There are costs that the seller must pay - it can run far more than $300.00. In addition, VA financing can be more difficult than conventional as the VA appraiser can list ANY repair and the seller will have to comply for the sale to go forward. (I've had deals where the VA insisted on repairs that not even my buyer wanted! ... but it had to be done.) All this said, I would ask your agent to double check with the listing agent prior to going through the trouble of looking at a home. It may be a case where the agent didn't check all the boxes or it could be that the seller is unwilling to accept a VA sale. It's even possible that the VA wil not accept the house. Nevertheless, it's worth checking.
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Old 01-19-2009, 11:29 AM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,958 posts, read 20,964,431 times
Reputation: 6432
since everything in a real estate transaction is negotiable, I'd say fire anything you want at the sellers, the worst that happens is they say no.
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Old 01-21-2009, 01:27 AM
 
Location: Dallas/Fort Worth, Texas
4,198 posts, read 14,399,429 times
Reputation: 2681
I personally never discuss the type of financing that a seller would accept when I take on a listing. If I know that the house has structural issues, then I investigate further and make sure if an FHA or VA loans would fly. VA and FHA require that the house be in excellent shape since the downpayment is so small or null.

My goal is to sell the house and I will offer all type of financing available to a buyer. The bottom line to the seller is what counts.

Look out for terms such as "investors only" "as-is" "diamond in the rough" "with lots of TLC, it could be a charmer". Those are flags that the home is in need of work and may not be able to go through VA financing.

Your Realtor should be able to assist you filtering through them. There are private remarks in the MLS for communication between agents only.

Naima
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