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Updated about 4 years ago,

User Stats

8
Posts
2
Votes
Sharif Refaie
Pro Member
  • Real Estate Broker
  • Chicago, IL
2
Votes |
8
Posts

Multiple Offers on flip should i take a similar offer VA or FHA

Sharif Refaie
Pro Member
  • Real Estate Broker
  • Chicago, IL
Posted

So i just completed a flip i acquired 9/28. PP=105K, Rehab=49K, ARV=approx 210K asking price -$208,900

I have gotten some offers that i am willing to accept

Offer 1- FHA Offer price 208,900 with 1000 credit and 500 home warranty ( i closed 9/28 but the deed not showing up on recorder site, so i am checking with title company. for those not aware there is a policy for FHA loans that i need to hold the property for 90 days before someone can purchase with FHA

Offer 2- FHA Offer price $207K no credit, but i might run into same issue above, still checking into it

Offer 3- VA loan- 207K no credit, the contingency is VA loans require a termite inspection which i need to provide, the dilemma i have is per several articles and from experience is at times the VA appraisal comes in lower than what a FHA/ conventional appraisal would come in at. I am concerned they will appraise less than 207K with a possibility of me having to reduce the price.

Maybe i am overthinking it, but what do you guys think? I am leaning more towards the VA loan?

  • Sharif Refaie
  • Loading replies...