Why Veterans Should Seek Out a VA Buyers Agent
As you may have noticed, 2023 has been an extremely competitive market. Multiple offers are everywhere. Unless a real estate agent knows the ins and outs of VA financing and understands what it takes to accept a VA offer, you may be spinning your wheels making offers on homes only to get rejected for no apparent reason. The Listing Agent often doesn’t understand the VA loan process or has the “old rules” of VA financing stuck in their head. It used to be that the buyer could not pay “non-allowable” closing costs. Many Listing Agents believe that their seller will be forced to pay the VA loan buyer closing costs, which is not true anymore.
In many cases, the sellers are concerned about $0 down or low down offers compared to a Conventional loan buyer with a 20% down payment or more. They are concerned about the VA appraisal coming in low and don’t understand their options if this does happen. Other common concerns are: Is a rent back allowed, or “can I buy furniture from the seller and pay through escrow?”
Many questions come along with a VA purchase that is slightly different from a Conventional loan, which also makes the purchase contract and negotiation process different. This is why using a VA Buyer Agent when preparing to purchase a home in Orange County while using a VA loan is important. Your VA buyer agent will know to quickly alleviate any concerns the Listing agent and seller may have with the VA loan program.
Orange County is an awesome place to live. With that awesomeness comes high home prices. But this is also why VA allows 100% financing with no limit. As you begin your home search, you will find that many desirable properties are condos rather than single-family homes. With some properties, the distinction between condos and single-family homes is slight. Some condos look like single-family detached homes. And some homes that look like condos are single-family, even if they are attached. Figuring out which properties are eligible for VA financing is difficult, especially if you are not working with a VA Buyers Agent.
Single-family homes are always eligible for VA financing. But a condo must be in a VA-approved condo complex. And this is where it gets tricky. Determining whether a condo is in a VA-approved condo complex is not easy. It takes time and research. A VA Buyers Agent has already spent time researching what properties are VA approved and which are not, which will save their VA buyers time and frustration. There is an easy way to find VA-approved condos in Orange County. And there is a hard way. A VA Buyers Agent knows the easy way.
The Multiple Listing Service (MLS) is not tied in with the VA website, which lists VA-approved condos in each city and county nationwide. The Listing Agent “could” note on the listing that they will accept VA financing. However, this rarely happens because, in many (if not most) cases, the Listing Agent is unaware if their condo listing is VA eligible. From my experience, in many cases, the HOA management company is unaware of the answer to this question. To make matters worse, the VA website doesn’t list most condo projects by their name. Most VA-approved condos are listed by their Legal Tract Number. Cross-referencing Legal Tract numbers with project names is not easy. But it is quick for a VA Buyers Agent who has already done this research and has the VA-approved Tract number lists for each city in Orange County.
www.OrangeCountyVeteransHomes.com makes it easy for a home buyer to find VA-approved condos for sale in Orange County. Click on the link for the city you are interested in, and the results will appear. For example, below are the links to a few cities in Orange County.
Aliso Viejo Approved VA Condos for Sale
Laguna Niguel Approved VA Condos for Sale
Mission Viejo Approved VA Condos for Sale
Anaheim Approved VA Condos for Sale
Huntington Beach Approved VA Condos for Sale
Authored by Tim Storm, an Orange County VA Loan Officer specializing in the VA Loan program. MLO 223456. – Please contact my office at Arbor Financial Group. My direct line is 949-829-1846. www.OrangeCountyVALoans.com. I will prepare custom VA loan scenarios that match your financial goals, both long and short-term. I also prepare a Video Explanation of your scenarios so that you can fully understand the numbers BEFORE starting the loan process.