The pros to selling to a buyer using VA financing is that you open your opportunity of sale to a wider audience, and possibly a quicker sale. Afterall, if you're selling, that's the end goal, right? The cons would be a more stringent appraisal process, meaning the home needs to be of a certain quality standard to qualify, but not unlike that required by FHA, either. The other thiing a seller needs to know is that, by law, the VA buyer cannot pay his/her half of the escrow fee, so that cost must be paid by the seller. We're only talking $300-350, so it's not really a big deal. And in reality,if a buyer asks the seller to pay some or all of their closing costs, you'd be paying those fees, anyway.
As long as the property is of a condition to qualify, offering a sale through VA financing is a win-win for everyone.
Wayne Langford, Realtor
Windermere Real Estate/Tri-Cities
Kennewick-Pasco-Richland, WA - Tue Sep 22 2009, 11:35