The majority of my buyers have been Hawaii Military and Veterans and along the way there have been many changes within the VA Home Loan guidelines. First of all, VA loans are guaranteed by VA (U.S. Department of Veteran Affairs) but the loan is actually with your local lender. (More on the process here: VA Loans & Hawaii Military Relocations: This Realtors® Process)
The VA Home Loan Office in Honolulu, Hawaii has been extremely helpful in many a difficult transaction and they usually reply promptly. We know that they are truly trying to help the veteran of the armed forces and protect their interests when purchasing a home.
That's certainly understandable, right?
We're now seeing a different approach to the VA Notice of Value (somewhat a likeness to "back in the day") and there are sometimes repairs listed that have to be remedied and the lender is responsible to ensure they are done.
So, let's get this straight. The VA appraiser believes that a bent/torn screen is affecting the value of the property? Are they safety or hazardous items? But hey, that's okay because these things are easily repaired and remedied.
With a foreclosure the bank pretty much states that they will NOT do any repairs and most likely will not pay for the Termite Inspection, Survey and the list goes on. So when there is a possible high cost repair how can the vet be expected to fork out money BEFORE the transaction has recorded. In other words...does fixing someone else's property make sense when ‘anything can happen' from that time to closing.
So the veteran is really not protected and there is no guaranty that ‘should' something happen that the vet will be reimbursed? Not to mention the liability if something goes wrong with the repair of "someone else's home" that they will be protected?
Tell me if I'm not understanding this somehow.
Or....is it just that......
Maybe I'm just a stickler for doing things the right way to protect my client.
Celeste "Sally" Cheeseman is a Realtor-Associate® and Certified Residential Specialist (CRS) with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocations, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents, Home Buyers and Sellers.
© 2007-2012 Celeste "Sally" Cheeseman's Hawaii Real Estate and Relocation Blog.
All rights reserved.
