Making Veterans a Protected Class
Speaking as a veteran, I am not keen on adding yet another “protected class” to the ever burgeoning list. Yes, both VA and FHA buyers are often not given a fair shake at the offer table, particularly in a sellers market. Instead of creating another protected class maybe our good government should simply align the minimum property appraisal standards for VA/FHA loans to that of Fannie and Freddie. Less red tape not more government sponsored winners and losers.
Immediately declare that VA/FHA loans now conform to conventional minimum property standards and the welcome mat will be out…that is assuming the realtor community does not take for ever to get the message…
I sold real estate in OH during double digit interest rates and remember VA loans to be a hassle. It’s different today. Yes, there are more requirements than a conventional loan but they are not totally unreasonable. When agents are educated on the ins and outs of VA lending it’s not a big deal. We can educate the buyers on the ones that will not qualify without a lot of work. Also using a lender who is does a lot of VA loans helps.
Re asking for the moon: it is not limited to VA buyers. 1st time home buyers and those who don’t understand a seller’s market or are looking for a steal will do the same. It is a buyers agent’s responsibility to educate their customers. Likewise it is up to a sellers agent to educate the seller not to be offended by any offer – it’s not personal – but to counter with what they want. Sometimes the buyer is fishing and may come back with a better offer or accept the seller’s counter. Home buying & selling are emotional events. It is up to the Realtor to bring reason to the transaction and help their customers see through their emotions to their ultimate goal. I have had clients on both ends of the transaction but I have never had one who intentionally made an offer wanting to offend the other party.
While I as a listing agent prefer low down payment buyers as they will do what it takes to buy a home as their offers *are* turned down by most listing agents, my only problem with VA is getting appraisers from over 50 miles away from the subject property. When that happens, I know the appraisal will come in low, and the buyers have to convert to an FHA loan. And those appraisers are local..
Your email address will not be published. Required fields are marked *