Ask a question...will a bank owned house accept a va. loan?

Asked by Frank Walsh, Strasburg, VA Fri Apr 13, 2012

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11
Kevin Monette, Agent, Virginia Beach, VA
Fri Jun 1, 2012
Frank,

I deal with many VA buyers and as everyone has said, it will come down to the appraiser to approve the home for the VA loan. VA has strict guidelines for appraisers and if the property condition does not meet these standards, then the seller will deside if they are willing to make the repairs.
Just to let you know there are plenty of Bank owned homes, which would qualify for a VA loan. let me know what your looking for and i will email you properties that match. Thanks for the question.

Kevin Monette
William E. Wood At The Mall
757-735-2628
0 votes
Ellie Woosley, Agent, Fishersville, VA
Fri Apr 13, 2012
Usually. Property must appraise for sales price. VA appraiser will be responsible for approving condition of property.
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Linda Parish, , Virginia Beach, VA
Fri Apr 13, 2012
Yes they will as long as it meets the VA standards. Safe, sound, and sanitary. No roof leaks, unfinished bathrooms, and holes in the ceiling or walls.

If you would like further information, please contact me at 757-287-4861.

Linda Parish
Coldwell Banker Professional, Realtors
http://www.LindaParish.com
0 votes
Wayne Goodman…, , Norfolk, VA
Fri Apr 13, 2012
Hi Frank. Good to see you on here asking more questions. The general is yes, subject to acceptance of the property as to condition, etc., by the VA appraiser. Of course, as with anything else, there very well could be an exception! Wayne Goodman
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Wayne Goodman…, , Norfolk, VA
Fri Apr 13, 2012
Hi Frank. Good to see you on here asking more questions. The general is yes, subject to acceptance of the property as to condition, etc., by the VA appraiser. Of course, as with anything else, there very well could be an exception! Wayne Goodman
0 votes
KK German, Agent, Virginia Beach, VA
Fri Apr 13, 2012
Hi Frank,
Some of the answers here may lead you to think that the Veterans Administration goes around our market area with a big rubber stamp marking some houses for sale "APPROVED", which is NOT the case.
When you and your agent look at foreclosed homes, or for that matter ANY home that may not be in tip top shape, you two will be looking for signs that MAY disqualify it from passing a VA appraisal. An appraiser most frequently will not REJECT a house, but rather may come in and say the house looks OK to him for VA loan purposes, EXCEPT for some item or another he wants correcting, like flaking paint on the walls, or broken handrail, etc. (In real estate parlance, "appraisal required" or "lender required" repairs.) At that point, since the bank wants to sell 'as is' it would be a big question mark whether the bank would cave and do the repair.
So...it is easier to eyeball the home and make the best guess possible whether it will pass a VA appraisal, because you don't want to be stuck paying for a home inspection (step 1 after winning a contract), AND then go to step 2 for the appraisal and it doesn't meet VA appraisal standards, and then you have just spent $750 or more, with no house in hand.

Hope that helps and please feel free to contact me if you need individual answers to your concerns about buying a house in Hampton Roads.
KK German, Wainwright Real Estate, 757-714-2335
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Ann Markley, Agent, Chesapeake, VA
Fri Apr 13, 2012
Yes. If it is VA approved no major issues such as structural, mechanical, etc..This is a question that I always ask the other agent if they are aware of major issues with the home and most of the time the agents will make a note on the listing if they know in advance if it is not VA approved. I help this helps. I have helped several VA buyers by foreclosed homes but there are requirements as well by the lender. Call or send me an email if you would like further information or would like to look at a few foreclosures.
Thank you for your time.
Ann Markley
Your Hampton Roads Realtor
0 votes
Ann Markley, Agent, Chesapeake, VA
Fri Apr 13, 2012
Yes. If it is VA approved no major issues such as structural, mechanical, etc..This is a question that I always ask the other agent if they are aware of major issues with the home and most of the time the agents will make a note on the listing if they know in advance if it is not VA approved. I have represented several VA buyers with the purchase of Foreclosed homes and I would be happy to assist and educate you in the buying process as well. Feel free to call or send me an email if you would like further information or would like to look at a few foreclosures that fit your criteria.
Thank you for your time.
Ann Markley
Your Hampton Roads Realtor
Web Reference:  http://www.AnnMarkley.com
0 votes
Robin Hollid…, Agent, Virginia Beach, VA
Fri Apr 13, 2012
Hey Frank.. Yes they will as long as it's VA approved.. Up to VA standards ..
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Scott Godzyk, Agent, Manchester, NH
Fri Apr 13, 2012
They certainly may... the key is if teh house is in good enough condition to pass the VA appraisal/inspection??? Check with the listing agent as well as use a well experienced buyers agent to guide you. Make sure the home will pass, or make sure your offer includes the bank fixing things up front as they usually will not negotiate after an inspection.
Web Reference:  http://www.ScottSellsNH.com
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Deandrea Dee…, Agent, Manassas, VA
Fri Apr 13, 2012
Maybe- it will usually depend on will VA except the condition of the home. It will need to meet minimum property standards for VA and if bank says as-is you may run into an issue.

Dee Dee Jones
BluSkyyRealty.com
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