VA Loan - First time home buyer

[flan]

---

@_NERD wrote:

To StartingOver10 & AhmedInMD:

My agent suggested we come in strong 5k over list price and mentioned more than once that the house needs to appraise for the amount of the offer anyway. If it appraises lower, then a reduced sale price may be possible. Or the seller could turn away our offer and try again with another buyer, which would be silly since it didn't appraise. Oh and my 5k over list offer includes seller paying 5k towards closing. I'm good with that. 

I do, however, live in a seller's market and houses are going into Pending within days of listing. YMMV.

---

The next buyer might be willing to make up the difference between offer an appraisal.  Or the next appraisal may reflect more recent sales that push the appraised value up.  If they're not in rush to sell, that may get them a higher price. 

[Anonymous]

Initially, the seller verbally agreed to accept my counter offer and pay 75% of my closing costs then about 3 hours later told my agent that another offer had come in and they were going to accept the other offer. Bummer!

[Anonymous]

yes, I can certainly see the startegy behind offering more than the lisitng price, particularly when there are multiple offers on the table, but that may require an additional negotiation if the appraisal comes in below your offer price.

I have heard that VA appraisals are more stringent than non-VA appraisals but I have not found anything to substantiate it. Being the geek that I am, I have read the 40+ pages of the VA appraisal checklist but it doesn't seem to be an unreasonable criteria, however much of the language seems to leave it up to interpretation by the appraiser. 

[Anonymous]

Quick update: under contract now

Submitted an offer, seller countered, we accepted and the contract was ratified. 

Inspection scheduled for this Friday, then appraisal is next, closing date scheduled for June 8th

I spoke to my lender this morning and locked in my rate at 3.325%

Timing is excellent since my current apartment lease ends mid-June

Gonna wait until the appraisal comes back before I start shopping for home insurance

[Anonymous]

---

@Anonymous wrote:

Quick update: under contract now

Submitted an offer, seller countered, we accepted and the contract was ratified. 

Inspection scheduled for this Friday, then appraisal is next, closing date scheduled for June 8th

I spoke to my lender this morning and locked in my rate at 3.325%

Timing is excellent since my current apartment lease ends mid-June

Gonna wait until the appraisal comes back before I start shopping for home insurance

---

Congrats on your hardwork...  Looks like things are moving along nicely..

[Sassy_Taurus]

Congrats AhMedInMD!

[Anonymous]

thanks all! it's been a bit of a rollercoaster ride but certainly worth it!

[Anonymous]

So my VA appraisal came back and it supports my purchase price. The VA appraiser requested a couple minor items to be fixed, so I have asked the seller to make those repairs. I am not anticipating too much of a push back from the seller, since the total repair will probably cost well under $1K.

My loan status is presently at "underwriter review" and still scheduled to close June 8th

[StartingOver10]

Congratulations to you! June will be here before you know it and then everyone can celebrate with you 

[Anonymous]

---

@StartingOver10 wrote:

Congratulations to you! June will be here before you know it and then everyone can celebrate with you 

---

thanks!

The seller has begrudgingly agreed to make the lender required repairs

Lender sent me an LOE to explain some past derogs and inq's in my credit report. Most of them are student loans that have since been rehabbed and brought to current standing. I also have an auto repo/CO from 2010, I replied that the creditor has agreed to close their account and not to conduct any collection activities. If the lender wants additional info, I have a settlement letter to back me up. I'm not anticipating too much of a push back at this point though I have all documents lined up in case he lender asks for them.