You found your perfect home. But the installment loans Pennsylvania seller rejected your VA loan offer on the grounds that VA loans are too troublesome.
That seems to be happening more and more. And yet there’s no good reason for it. Because VA loans are as good for a seller as any other type of mortgage.
This happens because some sellers – and even their agents – harbor misconceptions about the VA loan program that make them hesitant to accept VA offers.
In this article, we’ll explore those myths along with the best ways to negotiate and get your VA offer accepted.
Why don’t sellers like VA loans?
Many sellers – and their real estate agents – don’t like VA loans because they believe these mortgages make it harder to close or more expensive for the seller.
But those issues are largely myths stemming from the past. VA loans have changed a lot in recent years and now, they’re generally no more difficult or expensive for sellers than any other loan.
- Are less likely to close than other types of mortgages
- Take ages to reach closing
- Have appraisers who are slow and routinely undervalue homes
- Require sellers to cover all the buyer’s closing costs
2021 data shows that VA loans only take a few more days to close than conventional loans on average. And the idea that sellers have to pay closing costs for VA buyers is simply untrue.
In short, there’s no reason a seller should reject your purchase offer simply because you’re using a VA loan. Continue reading “A seller rejected my VA loan offer. What can I do now?”