All Forum Posts by: Kyle Stines

James,

What did you find out?

I understand the process to be as follows:
VA approved appraiser (not inspector), appraises property. If anything is noticed to need an inspection, the appraiser orders an inspection of that type. The results of the inspection are submitted to someone called the SAR (acronym unknown) who is someone that works for the lender who has taken the appropriate VA education to know whether the VA will guarantee the loan or not. I have heard that the determination of VA acceptability can differ between lenders slightly.

Thank You Erik!

Now to show my inexperience, what is MAO? Also, generally speaking, should the guidelines to purchase my primary residence be the same as making an investment deal? Or should I pay as much as I am willing to in order to live in a good neighborhood and to get a house I can raise my family in?

Kelly,

Any updates? I was thinking about starting off in real estate by taking advantage of my entitlement to VA Guaranteed loans. I would start by getting a small property and buy larger and larger as my family size increases. I would like to use the previous properties as rentals to create cashflow. From what I've read in the responses, it is the guarantee limit, not the number of loans that determines how many times I will be able to use it.

Please let me know if you have bought a second home using your VA entitlement!

Graham,

Thanks for the reply! I will be debating on this until I talk to my agent in a few hours. I will let you know how it turns out. The house is a Freddy Mac Home Steps property and I am thinking about calling them to see if the agent submitted my offer. Federal Home Loan Mortgage Corporation is listed as the owner though, but I think they're a lender for Freddy Mac? Not sure how that works.

Thanks again!

I put an offer on a bank owned (foreclosure) house (6 months on market) that had a price reduction of about 35k. I was made aware of the reduction Sunday morning. We were able to meet with our agent to write up an offer on Sunday. The offer was submitted to the Listing Agent around 4p.m on Monday. At about 6 or 6:30p.m. I was called by the listing agent who informed me that my offer was submitted to the bank along with ANOTHER offer and that the bank came back with a "Highest price and Best terms" counter offer due to multiple offers being submitted.

How likely is it that this is a truthful event given the quick turnaround?

I am not surprised at a second offer due to the recent price reduction. I am surprised that the bank was contacted, and a reply given after 4:00p.m., and that they wouldn't want to wait at least a week to see if more offers came in.

Both our offers were identical? There wasn't one already better than the other for the bank to accept? From what I've read, there is absolutely no way to obtain proof of a second offer, but I would like some input from everyone in this community.

I have until 4:00p.m. today, 11/26/2013 to submit my "highest and best" offer. Do I call a bluff or offer the highest amount I'm willing to pay on this house?

Any advice is greatly appreciated!