Information

VA Compromise Sales

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

Members: 197
Latest Activity: Sep 18

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 relocation assistance extended beyond Dec 2016?

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

VA Minimum Net is 84.05%

Started by Allan Robinson Aug 10, 2016. 0 Replies

Required net reduced to 84.05 percent

Started by Guerry Clegg May 19, 2016. 0 Replies

Comment Wall

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Comment by Wendy Rulnick on February 19, 2016 at 6:19am

Guerry - That is very strange if she did!  Let us know the outcome!

Comment by Guerry Clegg on February 18, 2016 at 1:33pm

I think she is getting it confused with FHA allowable costs. I talked to the person at VA who is assigned to our file and he said VA just cares about the 85.05 pct net. He said it might be a Chase policy but does not know why they would care as long as their guaranty is protected.

Comment by Wendy Rulnick on February 18, 2016 at 12:51pm

Guerry - I find that odd!  Have your borrower call the VA directly and find out how that is possible, since the net is met. 

Comment by Wendy Rulnick on February 18, 2016 at 12:50pm

Deb- Thank you for that info.  Did they tell you you could not challenge the current appraisal?

Comment by Guerry Clegg on February 18, 2016 at 12:03pm

I have a VA short sale with Chase for $278,600 paying $8,358 in closing -- exactly 3 percent. We structured the contract, including a slight commission reduction, to meet the net of 85.05 pct. But Chase is allowing only $2,839.45 for CC. On my last VA short sale in October (Wells Fargo) they allowed $4,931.47 for a $169,900 purchase. If Chase is wrong, how to I escalate it?

Comment by Deb Clark-Wyles on January 27, 2016 at 11:16am

I just spoke to the VA regional office in Denver because I have a VA appraisal that came in 75K above the buyer's FHA appraisal.  She told me they no longer reconsider liquidation appraisals because by law they can't.  She told me our best bet is to just let the appraisal expire then resubmit the short sale request and hope for the best with the new appraisal.  Wells Fargo had told me the same thing.  Anyone else heard that?

Comment by Maria Strong on December 4, 2015 at 11:20pm

I wanted to update everyone.  We received a new value on the property (about $70,000 less than the original appraised value) and closed. :-)

Comment by Neil L. on December 4, 2015 at 11:13am

Anyone have tips on getting a VA auction postponed? Lender is Chase

Comment by Maria Strong on July 28, 2015 at 5:45pm

Absolutely not!  Ocwen just submitted one to the VA for me this week.  The VA would not allow me to submit it directly, so Ocwen sent the paperwork to me to fill out and then they submitted it to the VA.  The VA responded to Ocwen today asking for a copy of the contract, so they are definitely still working on reconsiderations.    

Comment by Kevin - Greenville, SC on July 27, 2015 at 1:35pm

You've been bamboozled. The VA has had no such change.  I will say that it's a major uphill battle fighting a still valid (6 months) VA Liquidation Appraisal though.

 

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