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VA Compromise Sales

Group devoted to discussions for Veterans Administration short sales, called Offers in Compromise, or VA Compromise Sales.

Members: 198
Latest Activity: Sep 11

VA Compromise Short Sale Information

 

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** EFFECTIVE OCTOBER 2013 VA COMPROMISE SALES MUST NET 85.05% of APPRAISED VALUE ***

 

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Discussion Forum

VA Minimum Net is 84.05%

Started by Allan Robinson. Last reply by Brett Goldsmith Sep 11. 2 Replies

VA relocation assistance extended beyond Dec 2016?

Started by Deb Clark-Wyles. Last reply by Brett Goldsmith Aug 3, 2017. 2 Replies

Comment Wall

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Comment by Brett Goldsmith on July 30, 2018 at 8:32am

@Wendy generally VA relocation incentive may be approved if you are exceeding the minimum NET, so theoretically you'd need to be $1,500 over the 84.05% NET of appraised value.

Comment by Wendy Rulnick on July 27, 2018 at 10:10am

Corinn - Awesome! Thank you! I was trying to find online where they extended the benefit. Smart move on your part!

Comment by Corinn on July 27, 2018 at 10:00am

I don't have an updated circular, but just closed one last month, and the sellers received the $1500 relocation incentive.  Lender was PHH.

PHH did not offer it, I put it on the HUD and it was approved.

Comment by Wendy Rulnick on July 27, 2018 at 9:55am

Does anyone have an update to this VA Circular for $1500 relocation credit https://www.benefits.va.gov/homeloans/documents/circulars/26_11_1.pdf

Comment by Brett Goldsmith on February 27, 2018 at 2:48pm

@Julissa = Here's an example. Appraisal for VA 100k. NET to 1st MTG 80,450 minimum after all closing costs. At times they will want more then this. They do not always accept the minimum. Also, they won't give relocation unless if they are exceeding minimum too.

[email protected]

310-564-6389

www.ishortsalenow.com

Comment by Guerry Clegg on February 27, 2018 at 7:05am

68%20Lee%20Road%20962%20allowable%20costs.pdf

This is what I have received on the last several Chase VA short sales.

It makes no sense because VA is only concerned with the 84.05 percent net. In fact, I always thought that VA limited closing costs to 3 percent because that's what the negotiators said. Turns out that there's not even a 3 percent limit.

Comment by Wendy Rulnick on February 27, 2018 at 6:37am

@Julissa - the net after closing costs is what they seek. All closing costs.

Comment by Guerry Clegg on February 27, 2018 at 4:08am
Chase has a stupid rule that it will only allow certain closing costs to be paid by the seller. I have escalated and received approval but have not always been successful. I had to get an email from VA to confirm that they would pay the claim.
Comment by Julissa Jumper on February 26, 2018 at 8:32pm

When we say VA short sale must net 84.05% of NOV, is that the net required AFTER deducting agent commissions and other seller costs? 

Comment by Julissa Jumper on February 26, 2018 at 8:19pm

I've tried going through old discussion posts trying to find this answer and will continue but am hoping someone may save me some time. my buyer submitted offer on Chase VA short sale. Offer price is over $1,000 above 84.05% of the newly appraised value and they have rejected our offer.

Where can I take it from here?

 

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