How to Get VA Compromise Sale Approved Netting Less Than 88.13%

VA Compromise Sales

I just got an amazing approval on a Crestview Florida VA Compromise Sale from BB&T!  You know the Veterans Administration requirement that the net proceeds of the sale be no less tham 88.13% of the appraised value? And the requirment that the VA Compromise Sale appraisal is firm for six months? This was a breakthrough approval that was about $25,000 less than 88.13% of the appraised value!  How did I achieve this?

First, some background. The Crestview Florida home on a few acres needed work. There were signs of a previous roof leak and rodent damage. This was detailed in a home inspection report for a buyer who had "walked".  His offer was the one that triggered the VA liquidation appraisal that was ordered by BB&T.  I had noted the problems in the MLS, including a copy of the inspection report with the buyer's permission. These facts were apparently ignored by the VA appraiser.  

After three months, and excellent communication with the BB&T negotiator, I precariously lowered the price. Yes, LOWER than what would net the holy 88.13%. She said she was a firm believer in doing anything you could to help the military servicemember and she would fight for an approval even if we were low. (Go BB&T!) Finally, an offer came in.  To support our case of lower value, I provided the negotiator with a report of all the feedback from showings, such as:

5/16/2013 There seems to be quite a bit of water damage to the ceiling in the front bedroom. This buyer is retiring and does not want to "fix anything up". I don't think we will be writing an offer

4/29/2013 the house smells like animal pee and it's strong. This turned the buyer off and he's looking elsewhere. I've shown this house twice now and it does not show well. Not sure what can be done other than sealing the floors and putting in new carpet.

4/18/2013 their concern is the roof it appears there is an active leak and erosion

In addition, I provided a copy of the previous buyer's home inspection. The BB&T rep sent that along with the contract, HUD and buyer pre-approval and home inspection to the VA. She said the VA tech replied "Rodents! This cannot be good!".  72 hours later, the VA Compromise Sale was APPROVED.

Many short sale lenders don't assign a "permanent" negotiator like BB&T to a VA Compromise Sale. This direct line of communication and caring representative was critical in getting the approval. What can you do if you are dealing with any other lender, such as Bank of America or Wells Fargo, who are much more dogmatic about VA Compromise Sales? You can try as I did, or speak directly with the VA. Email [email protected].

It's Wendy!

                                                                  Rulnick Realty 

Wendy Rulnick is the marketing choice for sellers on the Emerald Coast who want to list and get their homes and condos sold in Destin, Sandestin, Bluewater Bay, Santa Rosa Beach, 30-A, Watercolor, Seaside, Rosemary Beach, Seacrest Beach, Kelly Plantation, Regatta Bay, Destiny and more.

Co-Founder  national network

Email Wendy Rulnick

call Wendy 1-850-650-7883


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Comment by Jackie Gonzalez on July 11, 2016 at 9:19am

Congratulations, Wendy! 

Comment by Kevin - Greenville, SC on August 14, 2013 at 12:03am



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