VA loan???? Would you accept?

[Anonymous]

We just got an above full price offer with 0 dollars down in a VA loan. My home is being sold "as is" and needs repairs. In fact, we thought it'd be torn down but it is livable. My realtor is insistent that we do NOT accept. She said that the VA will hold our house off the market for an extended period and then will force us to make repair after repair at OUR cost because the VA has strict requirements.

[Anonymous]

Oh, and then if we don't, our house will be stale by the time it's back on the market.

[Anonymous]

I think there is some truth to that concern. VA loans do require that the property be in a certain condition (they inspect) and will hold up or cancel the process until it meets those standards.

[Anonymous]

You will need to make the repairs. Its an issue.

[Anonymous]

yes to all of the above!!! VA will require lots of repairs. Even required us to paint an old shed out back b/c of 'lead paint concerns'! trust your agent.

[Anonymous]

yes to all of the above!!! VA will require lots of repairs. Even required us to paint an old shed out back b/c of 'lead paint concerns'! trust your agent.

[Anonymous]

yes to all of the above!!! VA will require lots of repairs. Even required us to paint an old shed out back b/c of 'lead paint concerns'! trust your agent.

[Anonymous]

I agree with the triple poster. We were told that VA loans require extra inspections beyond that of regular bank loans or even an FHA loan which itself requires additional inspections. I would avoid it if you know for a fact that you will need extra work. Now if it's the only offer you have then that changes things.

How much above the others are they offering?

[Anonymous]

As someone who purchased a home with a VA loan, we had no difficulty at all and the VA did not require anything beyond the standard inspection. The home needed repairs but they did not require any of them be completed and we did not renegotiate with the seller after the inspection. We were up against 4 other offers and our seller selected us. The home was FSBO, though the owner was an RE attorney, so they did not have an agent telling them not to accept a VA offer. We have many friends who have used the VA and none of them have had any difficulty or required repairs.

Now, if your house does not have walls or a floor that might be a different story.

[Anonymous]

No way in hell would I accept this if your home is already in tear-down condition and your buyer has $0 down payment. The VA inspection is no joke and I even have concerns that it might not even appraise at the above-offer price. Either way, you will NOT be getting their full price offer, either due to non-appraisal or need to make remediations.

The fact that they have zero down means the VA appraisal will be even stricter. The borrowers have provided zero collateral, so the VA's incentive is to ensure they have a solid house.

The only way you accept this offer is if your home has been sitting on the market for a loooooooong time and/or you live in a very slow real estate market.

[Anonymous]

My parents had a home sale fall through because the VA loan requited that the town repave the street in front of the home prior to closing because it had a pothole. It wasn't enough to fill the pothole; they wanted the whole street repaved. It was nuts.

[Anonymous]

Anonymous wrote:As someone who purchased a home with a VA loan, we had no difficulty at all and the VA did not require anything beyond the standard inspection. The home needed repairs but they did not require any of them be completed and we did not renegotiate with the seller after the inspection. We were up against 4 other offers and our seller selected us. The home was FSBO, though the owner was an RE attorney, so they did not have an agent telling them not to accept a VA offer. We have many friends who have used the VA and none of them have had any difficulty or required repairs.

Now, if your house does not have walls or a floor that might be a different story.

No, but the roof needs to be replaced. It's $30k. My realtor is saying that it will need to be done for the VA loan to go through and the other realtor refuses to confirm one way or another, and wants to do the inspection and get a ratified contract first.

[Anonymous]

Anonymous wrote:I agree with the triple poster. We were told that VA loans require extra inspections beyond that of regular bank loans or even an FHA loan which itself requires additional inspections. I would avoid it if you know for a fact that you will need extra work. Now if it's the only offer you have then that changes things.

How much above the others are they offering?

I should have explained that it's above asking but with the extra $15k going back to them to pay VA fees so it is really at asking.

That is the only offer but house has only been at this price for a few days. My realtor expects more offers but if course, I'm nervous, and want to accept the VA loan one.

They are saying only one inspection but that the inspection will go to the loan officer and the loan officer will tie it up for 30+ days.

[Anonymous]

We've purchased two houses with a VA loan.

The first house ended up having some mold we had to fix.

It really depends on the inspection. It is not usually different than a standard inspection. Our inspector missed the mold in the house we bought and the water damage in the ceilings.

[Anonymous]

We've bought houses using VA loans. Never had problems.

You are always going to hear about extreme problems when you post these kinds of questions.

And zero down does not mean the VA is going to change how they view the loan. Good grief.