Making Veterans a Protected Class
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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..