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Old 09-25-2006, 04:29 PM
Junior Member
  
Join Date: Jul 2005
Location: missouri
Posts: 11

VA loan

What is the name of your state? MO
VA loan

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What is the name of your state? Missouri
My husband and I bid on a home owned by a bank, using a realtor. We are going to use his VA benefit to assist with the sale. The bank agreed and signed the contract. Last Thursday the VA appraiser found numerous repairs to be made. Our realtor called and stated the bank refuses to repair, or let us do the repairs. What are our recourses.
thanks.
  #2  
Old 09-25-2006, 04:45 PM
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Join Date: Mar 2001
Location: Raleigh, near Central Prison
Posts: 437

VA Loan

Appraisers determine the value of the property. If the condition is what causes the value to be lower than the asking price, then you get your earnest money back and can walk away. VA appraisers do not do home inspections, which is what your Realtor should have insisted on. If there was an FHA/VA addendum with your contract, it states that the appraised value must equal or exceed the sales price for the contract to go through.

You also may have a cost of repair contingency, unless this is an 'as is' sale.
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