We’re PCSing and because of the market we’re in, advertised our home with the selling point of an assumable VA loan. The loan was $350 at 2.75% and we listed the house for $499 (we made significant renovations to the home over the past three years we’ve been there). The only even tentative offer we’ve had in a month of the home being on the market is from a non veteran (so we’d lose our entitlement for the foreseeable future).
Because there’s absolutely no incentive for us to sell to a non veteran (so we could potentially reclaim most or all of our VA loan entitlement), we’ve asked for the buyers to pay all closing costs and realtor fees.
What are some concessions from buyers have other sellers in our position asked for?
Selling a home with VA assumable loan, seller demands?
byu/Thick_Cartoonist3620 inMilitaryFinance
Posted by Thick_Cartoonist3620
2 Comments
Before you even start, what are other homes going for in the area? One offer in a month isn’t great. The housing market has cooled a bit, and you’re likely to scare someone away.
I understand the renos. But if you’re selling for 100k more than the house down the road, good luck.
Did you list as FSBO or is that what your realtor believes it’s worth?
Agree that selling to a non-veteran your entitlement is tied up till they refi or sell.
If you are able to sell to another veteran the maximum concessions VA permits is 4% of the sales price. That is more than enough to cover standard closing costs and the buyers agent if you like. The new rules for realtors is they are no longer paid by the sellers when representing the buyer on a purchase. The buyer’s agent now has to negotiate a cost with the buyers and that also could mean less foot traffic on your listing.