Reply to VA Loan from a Seller's viewpoint

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[quote=Anonymous][quote=Anonymous]I appreciate everyone responding so rapidly. FWIW I am not bitter about this. I am just kinda shaking my head here, amazed that my gut instincts panned out to be correct and my realtor kinda sorta blew it. I too wonder if there is more to the story, like in fact the buyer was actually quite far from qualifying for the loan amount. I am told he really wanted the house. I think he got a good price. He paid for the appraisal. So I do not think there was subterfuge involved, like he purposely sabotaged the deal.

When I wrote I would avoid buyers having a VA loan, I should clarify that I do not rule them out completely. But I think I might have more peace of mind if the VA borrower-buyer is putting down meaningful money. From the start the signs were that the buyer in this instance was stretched thin. E.g. asking me to loan him money for the appraisal, to be paid pack at closing (I refused). Also he was two days late submitting his earnest money. My realtor and I had some words over the latter. "Earnest" means /earnest/. To me, two days late is not a sign of being earnest about buying the house. The two times I bought a house, I always wrote an earnest money check accompanying the offer itself. After the earnest money delay, I emailed my realtor that there were too many signs this buyer may not turn out to be viable and directed my realtor to keep my house listed. She resisted, claiming rules prohibited this without the buyer's permission. I let it go, not wanting to ruffle the buyer's feathers, but was disgusted. My realtor lost a commission (so far), so I am sure she learned a lesson by not being more open, so to speak, to keeping my house listed.

I am aware there is always a chance things could change.  I really did not lose any money but I may have lost the interest of another buyer in the last four weeks, and I am delayed in my plans to move. If this buyer somehow manages to qualify subsequently, I will post back. To all sellers and buyers: Always have a plan for recovering when a deal falls through. Good luck.[/quote]

I don't think you can say that it only applies to VA loans. This can apply to anyone and being "stretched" could still mean a conventional buyer is putting down 20% but is near the limit on everything else.

Point being it's the individual not he loan type.

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