Need Help on Closing a VA home - Posted by Peter

import · January 16, 1999, 10:30am

Posted by Peter on January 17, 1999 at 16:47:04:

Thanks for all answers, but some one else offer more money than they ask and thake the deal away from me.

import · January 16, 1999, 10:30am

Posted by Peter on January 16, 1999 at 11:30:12:

This is my first deal
i just find a VA loan assumable .The owner has to leave in two weeks, and want to close before he lives town. Please what is the next step should i do. I want that one for my self and family.

import · January 17, 1999, 1:06pm

Re: Need Help on Closing a VA home - Posted by JPiper

Posted by JPiper on January 17, 1999 at 14:06:37:

Peter:

Just so that you know?.all VA loans are assumable. Some VA loans don?t require ANY qualification to assume, namely those originated prior to March 1, 1988.

If the loan that you have mentioned is a pre-1988 loan this deal would be a slam dunk to close in the next 2 weeks. If this loan is one which will require formal qualification by the lender (VA only guarantees loan except in a VERY small % of cases where they make direct loans), your chances of completing this in 2 weeks are low to nil.

But here?s the thing. No one else will probably be able to close in the next 2 weeks either unless they are a cash buyer or unless they are a pre-approved buyer. Just so that you know, I can think of no particular reason why this seller would need to close before leaving town. Have you heard of Federal Express?? The seller can close wherever he is going and FedEx the documents back to the title company.

Having said this, I might use the sellers claim that they need to close before leaving town to my advantage to structure a subject to assumption, deeding into a trust, which I could do in the next 2 weeks. If you don?t understand how to do this, this would not be a viable solution for you.

JPiper

import · January 16, 1999, 11:10am

Re: Need Help on Closing a VA home - Posted by Kristin

Posted by Kristin on January 16, 1999 at 12:10:43:

Peter,
First contact the VA or the servicing lender for a payoff and assumption package. No guarantees that they will be able to speed the process up for you, but let them know that you are trying to accomplish this quickly in order to accommodate the seller.
make sure you have a signature authorization from the seller in order to request this information.
(i’m assuming you already have a contract. If not, do that first, then follow with above.)
Good Luck,
Kristin