OT: Dealing with USAA/VA Mortgages

[murfvol]

My house in Nashville is being sold to a vet who is getting a VA loan. It is taking for blooming ever so I have the following questions.
1) How long does it typically take to get an appraisal back?
2) Can any further changes be ordered to the house for said appraisal (it should easily appraise out)?
3) Do minor home inspection finds (additional caulk, exterior touch-up paint) have to be repaired or are they negotiaable?

Many thanks for your help. This has turned into a big enough pain I'd probably never sell to someone with one again. The vast majority of males in my family are vets so while I'd love to sell to a vet the VA makes it too much of a hassle. Any advice would be greatly appreciated. 

[GreggO]

First of all, as an independent claims adjuster I will not work for usaa and have refused to do so since 1989. I despise them as I believe they will not pay what they owe to homeowners on claims. However, I know nothing of thier mortgage servicing. But, if it is run the same as their insurance business, I shudder to think about what might arise. Best of luck there.

Yes, you can take charge-backs on the sales price for what the inspector finds. But, who is he/she working for? Might save some $$$ having your own to counter theirs.

G

[PirateVOL]

My house in Nashville is being sold to a vet who is getting a VA loan. It is taking for blooming ever so I have the following questions.
1) How long does it typically take to get an appraisal back?
2) Can any further changes be ordered to the house for said appraisal (it should easily appraise out)?
3) Do minor home inspection finds (additional caulk, exterior touch-up paint) have to be repaired or are they negotiaable?

Many thanks for your help. This has turned into a big enough pain I'd probably never sell to someone with one again. The vast majority of males in my family are vets so while I'd love to sell to a vet the VA makes it too much of a hassle. Any advice would be greatly appreciated. 

I've had VA appraisals that seemingly took forever and some, including the most recent, that were done very quickly.  These days, the appraisal is supposed to be "independent" (thank you ignorant federal government ) which has led to a LOT of issues in the housing market as often they don't have a FREAKING CLUE about the neighbohood they are in.

BTW, I ended up getting this house for what I wanted to pay for it based on the appraisal.  The 1st time sellers had an overly inflated belief in the value of the house.  They weren't happy with the appraisal but then again the house had sat empty for 6 months so in the end they agreed to the realities of the market.

[droner]

My house in Nashville is being sold to a vet who is getting a VA loan. It is taking for blooming ever so I have the following questions.
1) How long does it typically take to get an appraisal back?
2) Can any further changes be ordered to the house for said appraisal (it should easily appraise out)?
3) Do minor home inspection finds (additional caulk, exterior touch-up paint) have to be repaired or are they negotiaable?

Many thanks for your help. This has turned into a big enough pain I'd probably never sell to someone with one again. The vast majority of males in my family are vets so while I'd love to sell to a vet the VA makes it too much of a hassle. Any advice would be greatly appreciated. 

Everything is taking longer these days. It's a result of the great financial crisis of 2007-2012.  6 years ago you could close a deal within 45 days of signing the contract. Now it can take months. Appraisals used to be ordered by the lender from local guys they frequently used. That too has changed although it's swinging back to some sort of sanity. But don't be surprised if the appraiser isn't from the area.

The answers to questions 2 and 3 depend on what's in your contract. If you agreed to pay for repairs (hopefully with a dollar limit), you'll have to make them. Your contract probably says that if you don't want to exceed the limit then the buyer can back out. The problem is that if you agreed to let the buyer go VA, then you agreed to meet their guidelines and requirements. That means you will have to make repairs that they specify. Hopefully your contract has a dollar limit.

In normal contracts, the seller says that he will make repairs up to a certain dollar amount. It also says that if the repairs are more, you can (1)agree, (2)refuse and the buyer agrees to make them above that limit or (3) you don't agree to make them and the purchaser refuses to pay for them and the contract is void.

As for negotiating anything, if you have already signed the contract, your negotiating is mostly over. VA is tough. They have strict rules on what the buyer can do and what the buyer can pay for. You might even see some closing costs on your side of the closing statement that you didn't know you had to pay for.

[murfvol]

Thanks a ton for the info! Though depressing, it's better to have facts with which to work. That will help with contingency planning.