VA loans and how to write an offer?

Nancy
Other/Just Looking
Boston, MA

I am about to write an offer to purchase a home with a VA loan. Can someone offer some advice.....is it up to 6% that a seller can contribute to closing and pre-paids? Is the bank appraisal tougher ? Is the termite inspection the only required home inspection? In order to help my client, what should be written into the offer...subject to a satisfactory purchase and sale..........but what else??? Thanks in advance for the help I know I will get from you all :)

Answers (2)
Mary Condon
Broker
Boston, MA

HI Nancy!

Terrific question and you it is very important that the offer is written correctly. One thing confuses me though and perhaps you can help. Are you buying a "For Sale By Owner"? It sounds as though you are, otherwise, if you had a Buyers Agent they would know the answer to your question.

Having said that Nancy - If you are dealing directly with the owner if it is YOUR best interest to hire a Buyers Agent to represent you. Here, I don't mind, Let's get together and learn if hiring me as your Buyer's Agent would make sense.

Please call me and let me know which is best for you to meet - Afternoons or Evenings: 508-479-9833.

Sincerely and with Warm regards,

Mary Condon, MBA

Sat Sep 19 2009, 11:53
Laura Muscente
Agent
Newburgh, NY
FIRST ANSWER

If I understand your question correctly, your Buyers will be using a VA Loan to purchase. If so, then your offer should be like any other as their buyer agent. It should be subject to a satisfactory home inspection, WDI, Radon etc. If the home is on well and septic, I believe it will have to have satisfactory water and septic eval as well. The Mortgage broker or the gov website can give you more info on required inspections. I will usually offer the price to be paid first, with a note requesting an addition 6% seller's concession once a price has been agreed upon. Otherwise, some sellers and agents get confused on what you are really offering. Of course, it must be subject to a satisfactory appraisal, but this is usually written into the contracts by attys.....good luck!

Tue May 26 2009, 07:59

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