I just need to vent a little and also see if anyone else is struggling with the same problem as myself. I currently rent a home north of Houston in a very in demand area. I am approved through NFCU for a VA loan up to 320K and have been looking for 4 months now. I have made offers on 3 different homes all for a little over asking price and every single one has been declined because investors are paying cash and can close much quicker. This has been very frustrating for my family and the last house this week was one we fell in love with. Homeowner asked for 265K and we offered 268K and not even considered.
My realtor is also telling me that because I am going VA that it is a hit against me from the start because of a new addendum that went into effect this year having to do with the appraisal.
Anyone else with the sane issues?
That is insane. I didn't know there was a market in the country where offers over list price were even being made. I understand the situation you're describing though. I've heard (even before the changes) that VA loans were tricky in the appraisal phase. Hope it clears up for you soon. There are some professionals who post here from the Texas area, so I imagine someone may be able to give you some real information.
Hang in there!
Thank you for the reply. The reason the area is in such demand is that Exxon is building their corporate headquarters here and is bringing in 10K of their workers by 2014. The Woodlands, where I live, and am trying to buy is very close to the new facility and has the best schools in the area.
I live in Houston, and yeah the Woodlands area is in high demand. You must be out there near Research Park, and the woodlands mall. Sounds like for you to even be considered I would offer 5% above asking price to even put you in the hunt. they are nice spacious homes out there. I don't knock your hustle. And yes there is a market out there for homes like this including HUD homes.
I am in North Dallas, when we sold our home last year we had a bidding war.
Homes are selling fast so the offer has to be good.
Prices are climbing.
Thanks for reply. But am I limited in what I can offer with a VA loan knowing that if it does not appraise for that value or can I pay the difference in cash.
I take it appraisals have not caught up yet with the market.
We got ours when we sold and it was fine. But I heard lots of people have been having these problems.