VA sale, rehab - Posted by Jim

Posted by JimNC on March 11, 2002 at 06:32:06:


The property is in Gaston County, 1/2 hour NW of Charlotte. If you will email me directly, I will give you more info. Thanks.

Jim NC

VA sale, rehab - Posted by Jim

Posted by Jim on March 09, 2002 at 11:47:52:

To Ed, or anyone that can help,

I have a free and clear rehab, which I purchased about 4 months ago to flip, but ended up living in. I found a potential buyer, who doesnt have cash, but does have VA eligibility. He also wants to rent to own, in mean time. The rehab is not complete, and I doubt it meets VA standards( sagging girder, drywall work needed, some electrical, and some odds and ends), I haven’t gotten any earnest or option money from him, so IM not really intersted in getting him pre approved for a VA…

MY question is, should I get it VA appraised as is, and also with rehab completed enuff to qualify for VA loan? Should I wait till I at least get some option money from him before I do ANYTHING? Also, I don’t want to pay for the VA appraisal, and then have to pay for it again, if the lender wants to use their own appraiser… Also, do I add the approximate closing costs to my price to seller, since I am anticipating a VA financing?

thanks for any help

Jim a relative newby in NC

Re: VA sale, rehab - Posted by Todd H.

Posted by Todd H. on March 10, 2002 at 17:10:47:


If you are still interested in flipping this rehab property, please let me know becasue I may be interested. I can get the financing. Where are you located in NC. I am in Charlotte. Please send me the details on this property.

Please advise…


Todd H.

Re: VA sale, rehab - Posted by George Sheldon

Posted by George Sheldon on March 10, 2002 at 09:16:11:

First thing to do is ask him to get his VA certificate – it only takes about a week for the Veteran to get it. I would also ask your buyer about his credit – if he has any blemishes in the past year, you could have a problem. If his credit is clear for the past year, you probably got a deal. The earnest money is up to you. The Veteran can buy this from you for very little out of pocket cash – particularly if you agree to pay the closing costs (up to 6%) for him. For example, if you were asking $100,000 for the property, offer to sell it to him for $106,000 and pay 6% of his closing costs. It will be a wash for you, but he will be in for just a few dollars.

You could have the appraisal done – but that needs to be ordered by the lender. Whatever needs repaired would then be noted and would need repaired, but I would first tell your buyer to get that VA certificate. I hope this helps.