Hi, I'm Dana Sparks, Broker of Maximum One Greater Atlanta Realtors. This week's contract tip is about the costs sellers may incur when the buyer is using a VA or FHA loan. When you receive an offer from a buyer using either of these types of financing, it is important to go over the associated costs that the seller will have to pay. Let's start with the VA loan. In the contract, there are several items of cost that the seller is required to pay. The VA loan provisions are the same regardless of which contract package you are using. In the GAR form, specifically f65, it states that if there are any mandated repairs by the VA appraiser, the seller must pay for them. By signing this, the seller agrees to complete those repairs. The buyer and seller negotiate a specific amount of money for the repairs, not exceeding the agreed-upon amount. If the repairs exceed that amount, the seller has the option to terminate the contract. It is important to note that these repairs are different from the buyer's independent home inspection. Next, let's discuss the miscellaneous fees associated with a VA loan. These fees are outlined in the GARF VA financing exhibit. It states that the seller shall pay all of the following amounts as part of the transaction. There is a detailed list of these fees included in the exhibit. Some of these fees have been previously discussed in our videos, such as the termite letter, loan closing or settlement fees, document preparation fees, attorney service charges (excluding title work), photographs, interest rate lock-in fees, postage, stationery, telephone calls, overhead charges, amortization schedules, pass books and memberships or entrance fees, escrow fees or charges, notary fees, preparation and assignment of mortgage to other secondary market purchasers, trustees fees...
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How to write a va offer Form: What You Should Know
I know it isn't the easiest task, but it isn't impossible either! If there's anything I learned in this video about the house buying process, it's that the seller needs to trust that you can't do everything for them. It's not about how good your credit is, how much money you have, how long you've lived in the state or even if you're the same demographic as the buyer. It's about who you are and how you will benefit this seller. They just don't know that yet. So, I would say this process of actually writing the agreement by hand might take you less that an hour or two a day. A word of caution. I've heard many horror stories of VA borrowers who've done this process with someone like a house flipper. In almost every case that I remember reading about it, the flipper came with a big resume of references (or was in proximity to one) and he had plenty of connections who could attest to how long he had lived in the area, what his credit looked like, how many friends he'd made over the years. The reason for all of this was because he couldn't see the handwriting and could only rely on the sellers credibility and their personal experiences. But the reason this doesn't work with VA loan buyers is that you're doing the home buying process at your own risk. It's your responsibility to do your due diligence, but if this is something you're not willing to do yourself, don't do it. Be safe out there! How to Prepare Yourself for VA Loan Buying Before Handing Over Cash May 11, 2023 — Don't Start Buying This Home Without a Loan from the VA: Learn the Rules of the Game The key to successful house flipping for a VA loan buyer is knowledge. Know what you want and what to expect · Know that this person is going to be a veteran. · Know that they have probably been living out of state for several months if not longer. · Know that they are going to be living in a house they did not have to buy and pay for, because of VA loan. · Know what the seller wants.
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