We are going to be using a VA loan to purchase our home can pest repairs that have to be done before the close, be added to the loan amount?

Asked by new home, Vacaville, CA Sun Mar 20, 2011

We understand the house has to appraise for that amount. and how would you word that in an offer??

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Justin Ruzic…, Agent, Greenville, SC
Sun Mar 20, 2011
your agent will be able to direct you to the language needed in your offer for appraisal details. In fact with the VA Loan there are additional addendums to the offer, which the language should be in there for your appraisal concerns. the issue with Pest Repairs? The VA wont approve/clear/give you a loan for a home that has damage. That is one of the good/bad deals about VA they are very protective for you the buyer, so any repairs would not only need to be made prior to you moving in by the seller but they would need to be done by seller prior to your home inspection for VA approval. I say good/bad because the seller might not want to jump through the hoops the VA forces them too making it a bad deal for you because seller might choose another buyer without all the VA restrictions.

Best of Luck...oh by the way, here is a blog i wrote about buying the home of your dreams.

Thank you.
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Kamal Randha…, Agent, El Sobrante, CA
Sun Mar 20, 2011
VA has very strict guidlines when it comes to purchasing property. You should be working with a lender that specializes in VA loans, I highly doubt they would let you make a loan over the purchase price to cover repairs.
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Terry Hughes, Agent, Vacaville, CA
Sun Mar 20, 2011
If you are not in contract or not; yes and no. In today's buying environment a short sale seller can agree to clear the pest and their bank/lien holder will deny your request. With a bank owned home sometimes the bank will do repairs to clear pest for VA purchaser's. This is now more of a norm for them today, however; they don't like open ended items, so having a fixed amount is very helpful. To find out the pest issues, though you have to have an inspection or be provided one from the seller. Be cautious if the seller provides a pest report. Some pest inspector have a more stringent criteria or other inspectors seem to have poor eye sight. Some pest inspectors offer a cost analysis and others just offer the reported findings. If you are purchasing a home from a regular seller you can add a WPA (wood pest addendum) that spells out who pays for the pest clearance. If you attempt to use a WPA on a bank owned home your chances of acceptance go down exponentially, especially if you are competing with other offers. Your VA lender will require a pest clearance and you should get your own pest inspection from a very reputable company. The contract wording varies depending on who is selling. I work with many VA buyers and can tell you this type of negotiation is critically important and needs to take place up front. My lender and I also pay for appraisal and inspections as a standard of care for our clients.
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