Home Buying in Los Angeles>Question Details

Paul Kim, Home Buyer in Los Angeles, CA

I am a first time home buyer in the Los Angeles area, using a VA loan for the mortgage, but I hear it is nearly impossible to win an offer? Help.

Asked by Paul Kim, Los Angeles, CA Tue Mar 26, 2013

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10
Hello Paul,

First of all, Thank You for Your Service to Our Country!!!!

Winning a bid is not impossible. It is however a bit of a challenge in this market. This is due to low inventory, and great buyer demand.

Hang in there, get yourself a diligent agent, and be steadfast. You will get your home.

Much Success to You!
Kawain Payne, realtor
0 votes Thank Flag Link Fri Mar 29, 2013
In 1976 I lent my mom & dad $6K to buy their first house for reserves first & last, closing costs etc, to buy no money down VA.

That was my first VA deal.

Maybe I can help.

Thanks

AL Goldberg Broker
800-765-3609
alyourbroker@yahoo.com
0 votes Thank Flag Link Fri Mar 29, 2013
I am also a Vet trying to buy a home in Los Angeles. If you find a realtor experienced with VA purchases let me know. I found lenders who specialize in VA loans.
0 votes Thank Flag Link Fri Mar 29, 2013
VA loans can actually be much easier to underwrite than conventional or FHA as they have more lenient lending guidelines. This issue is a matter of listing agents being uninformed about VA loans.
Web Reference: http://www.socalvaloans.com
0 votes Thank Flag Link Fri Mar 29, 2013
I asked this same question just a few months ago. Don't get discouraged just because you have a VA loan. Your VA loan offer is just as good if not better than a FHA or even a conventional. Personally I would make my offer stand out by maybe giving a higher earnest deposit or not ask for any closing cost. We were the only VA loan offer made on a property with 30 other offers and we won the bid. So don't give up. Good luck!
0 votes Thank Flag Link Fri Mar 29, 2013
Hi,

Its tough but not impossible.

Call maybe we can help.

If I ever can help you, a friend, associate or family member for any and all possible real estate needs,
Please don't hesitate to call, text, or email us.

Thanks

We appreciate your business.

Best

Albert Maxwell Goldberg Broker
alyourbroker@yahoo.com
"Making Real Estate Fun"
30+ Years Experience
800-765-3609
0 votes Thank Flag Link Wed Mar 27, 2013
Paul, The two most important things you need right now are: 1. A good mortgage professional familiar with VA loans and 2. A great buyer's agent. This way you will get the guidance and service you need and then you won't have to throw questions out on the Internet. While inventory is currently low in many areas and competition for properties therein fierce, it is not the market of "bubble" days. With a high-quality team on your side and a little perseverance you should be able to get an offer accepted on a property you find desirable. Best of luck.

Risa Liebster, Realtor®
Ramsey-Shilling Associates
818.397.9188
http://www.TolucaLakeRealEstate.net
http://www.TheHillsandValley.com (pending)
0 votes Thank Flag Link Tue Mar 26, 2013
It's true...it is exceedingly difficult. If I were you, I would seek out agents who specialize in flipping houses, and try to find some deals that are NOT on the MLS. In recent months I've had to get way more creative in finding homes...whether it be talking to fsbo sellers or walking neighborhoods to solicit a seller.

Work with an agent who will try some alternative approaches to finding inventory, and best of luck.
0 votes Thank Flag Link Tue Mar 26, 2013
Hi Paul,

This issue right now is INVENTORY or lack of it. Multiple offers have become the norm in many of the markets, particularly on the Westside. You're competing with all cash offers from overseas and investor pools. Even 50% down buyers find this challenging! Multiple offers are driving up the prices over asking so there becomes an appraisal issue if your offer is accepted. To buy with a VA loan at this time you'll need to identify neighborhoods that have a greater supply of homes for sale if you expect to win.

Good hunting!

Bill Hooper
RE/MAX
bhooper@remax.net
0 votes Thank Flag Link Tue Mar 26, 2013
It can be harder because unfortunately many listing agents are misinformed about VA loans. The only difference with a VA loan is you need a termite clearance. There is NO other difference from a 20% down conventional loan. VA loans are not any slower and do not require any more repairs then a conventional loan. Try to have your buyers agent get this across the listing agent. It's a shame what is going on out there with sellers not taking VA offers.
Web Reference: http://www.socalvaloans.com
0 votes Thank Flag Link Tue Mar 26, 2013
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