Given that fact, many of the Buyers and Sellers I represent are party to transactions  that involve VA Financing. As a Navy veteran myself, and former submarine sailor, I have firsthand experience with the benefits of using a VA home loan. Our first two homes were purchased using VA Financing. It’s one of the few ‘Zero-Down‘ loan products still available in today’s lending market.

I take my roles and responsibilities as an agent very seriously, especially as it relates to representing my clients best interests. It’s not about me, or what’s in it for me, but what is best for my clients and helping them successfully achieve their home buying or selling goals.

One my tasks in a real estate transaction  is anticipating any potential problems or pitfalls, and ensuring the entire process goes smoothly. This skill is acquired through an intimate understanding of the real estate business, maintaining clear lines of communication, and many years of experience as an agent.

Unfortunately, regardless of how hard I may try, there are times when certain circumstances are beyond my ability to influence or control. Such can be the case with VA Financing, and, in particular, VA Appraisals.

Many times, VA Home Buyers are under the false assumption that once the home/pest inspection is completed and associated repairs are negotiated with the Sellers, that things will progress rather smoothly until closing. However, even after you conduct the home inspection, the VA Appraiser may find additional problems (or ‘conditions’) that will need to resolved/repaired before the loan can be funded.

Case in point:   In one of my recent VA transactions, my Sellers had a large cedar deck off the back of their house. At its highest point, the deck was 24 inches above ground level. The deck did not have any railings or handrails.

In our area, VA Appraisers use the WA State Building Code to determine allowable deck height before railings need to be installed. If a deck is 30 inches or more above ground level, then railings are required. Based on this, I counseled my Sellers not to install the railings.

After the Buyer’s Home Inspection was completed, the VA Appraiser conducted his analysis. The home came in at value, and there were NO conditions. Or so we thought…..

A week or so after the appraisal, some ’salary-justifying’ bureaucrat in the VA Regional Office in Denver disapproved the appraisal, citing a health/safety issue. The VA Appraiser was told to amend the appraisal and insert a condition that now required for railings to be installed on the deck.

When we attempted to gain some clarification on the ruling, we received a very rude and abrupt response.

“If you want the loan to fund, install the railings, PERIOD!”

I wondered to myself – “At what point/height does a deck become a safety concern? Two inches above the ground? 10 inches? 30 inches?”

You would think the VA would use some kind of uniform standard to make consistent determinations in such instances.

Unfortunately, in this instance, the determination was simply the personal, subjective opinion of someone stuck in a cubicle in Denver as to what constitutes a safety/health issue.

Luckily, we moved on from there, and the transaction finally closed. But not before a lot of unwarranted stress and delays were added to the process.

Not all VA transactions are problematic, like this one. VA Home Loans are still one of the best lending products available for veterans and active-duty personnel. Still, it’s important for Buyers and Sellers to be aware of such potential difficulties.

Got any VA Loan or Appraisal horror stories? Feel free to share. The more consumers are aware of such things, the better prepared they’ll be!

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Rich Jacobson is a licensed real estate professional providing knowledgeable empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com, ActiveRain, Crabbing in the Hood, Facebook, Twitter, or e-mail:  kitsapagent@gmail.com

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3. Curse of the VA Appraisal – Just in time for Halloween! It’s like a bad dream, a horrible nightmare, or worse,...

• Properties currently active on the market:  1793
• Properties closed in the last 180 days:  1482
• Average Sales Price:  $291,137
• Average List Price:  $302,224
• Ratio of List Price to Sales Price: 96%
• Average Days on Market: 93
• Sales Pending this Week: 69

Port Orchard WA statistics separately: (Area 143)

• Properties currently Active on the market:  94
• Properties closed in last 180 days:  117
• Average Sales Price:  $204,241
• Average List Price:  $207,086
• Ratio of List Price to Sales Price: 99%
• Average Days on Market: 60
• Sales Pending this week: 9

For additional area specific market statistics, go to www.KitsapLife.com

WHAT’S HAPPENING NOW?

The biggest changes compared to last month were that the number of Active properties (homes currently available for sale) has decreased by about 7.5% or 150 homes, but the sales of pending homes over a 180 day period has increased. Most attribute the continuing positive sales growth to several factors, including lower interest rates, attractive and competitive pricing incentives offered by Sellers/Builders, and the pending expiration of the $8000 Federal Tax Credit for 1st Home Buyers.

Speaking of the $8000 1st-Time Home Buyers Tax Credit, it appears that this program is headed for an extension in the very near future. A measure for the Feds to continue offering the tax credit until April of 2010 has passed through the Senate and should be approved by sometime next week.

For more information, go to First-Time Home Buyer Tax Credit nears Extension.

FINDING YOUR SUSHI ‘FIX’ ON THE KITSAP PENINSULA

Whenever I travel or visit a new area, I’m always scoping out new places to indulge one of my favorite pastimes – eating sushi!

Here on the Kitsap Peninsula WA, there are a number of enjoyable local restaurants where you can feast to your heart’s content. However, there are times when you just want to relax at home, watch the game on TV, and pork out in private. For such occasions, I prefer ‘Sushi Ko‘ at Central Market in Poulsbo. You can choose from a wide assortment of freshly made sushi, or have them custom prepare it while you shop.

For more information, go to Good Sushi Hunting on the Kitsap Peninsula.

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Rich Jacobson is a licensed real estate professional providing knowledgeable empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com, ActiveRain, and Crabbing in the Hood, or e-mail:  kitsapagent@gmail.com

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3. Real Estate Market Report for Kitsap County WA – June 2009 Real Estate Market Report for Kitsap County WA  06/01/2009 The following...

According to an article on Forbes.com, the popular $8000 Tax Credit afforded to First Time Home Buyers is very close to being extended through April of 2010.

Here is an excerpt of that article:

“An $8,000 federal tax credit for first-time homebuyers that is set to expire at the end of the month inched another step closer to getting extended until April. The Senate voted 85-2 yesterday to move the bill to a final vote, and senior members of Congress said that they expected the bill to pass next week.”

With everything else that’s been going on in Washington of late, i.e. massive debt to bailout Wall Street, dismal ‘Cash for Clunkers’ program, government take-over of Health Care, indecision on Afghanistan, etc., it’s encouraging to see progress on legislation that is truly effective for a change, and makes a difference for taxpayers and the economy.

This would be great news for many first-time home buyers here in Kitsap County WA and people who have been considering purchasing their 1st home. I have some great folks who have been extremely patient in awaiting word on their short sale contract for a home out in Lakeland Village, outside of Belfair WA. This extension would be wonderful news for them!

For more information on the $8000 Federal Housing Tax Credit for 1st-Time Home Buyers, go HERE!

If you’ve ever wondered what all is involved in buying a home, check out my fun and informative series entitled “Adventures in 1st-Time HomeBuying.”

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Rich Jacobson is a licensed real estate professional providing knowledgeable empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com, ActiveRain, and Crabbing in the Hood, or e-mail:  kitsapagent@gmail.com

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3. Adventures in VA Loan Home Buying: The Journey Begins! One of my most favorite and popular series I’ve authored since jumping into...

Another one of my transactions has fallen prey to the ‘Curse of the VA Appraisal!’….

What began as a seemingly normal and relatively smooth contract between my Sellers (a beautiful ranch-style home on acreage in Lofall/Poulsbo WA) and some wonderful Buyers, has suddenly spiraled into the deepest, darkest recesses of VA hell – a place where common sense, fairness, and consistency cease to exist, and the massive wheels of government bureaucracy inch along painfully slow, impervious to any outside reason or influence.

I’ve been down this road before, unfortunately. Such is the risky Russian roulette of VA financing. It’s a Luck of the Draw, a crap shoot. It’s Forest Gump’s Box of Chocolates – “Ya never know what yer gonna get!”

You have enough VA transactions and you just figure your number will eventually get called up.

Whenever I take on a new listing, I usually talk to the Sellers about offering the property for purchase to VA Buyers. In our market (Kitsap County WA) you run the risk of missing out on a large segment of potential Buyers if you don’t offer it for VA financing. However, there are certain times when it’s not advisable to market a given home to VA Buyers.

With my last listing, it was a no brainer. The home was fairly new – built in 2000. It had been well-maintained, and the new 35-yr. composition roof was only a year old. The only questionable feature was the rear deck. It didn’t have any railings or handrails. But based on my previous experience with similar situations, the VA Appraisers always used the WA State Building Codes to determine an acceptable height limit before railing needed to be installed. If the deck was more than 30 inches above the ground, then the deck was required to have railings around the perimeter and handrails on each side of the steps. The highest point of my Sellers deck from ground level was 24 inches, so I figured the deck would pass the VA appraisal.

The VA appraisal was conducted, we came in at value and with NO conditions! Yippee! Hooray!

Or so we thought!….

A few days before we are scheduled to close, the Buyers Lender calls and says that the VA Regional Office in Denver has reviewed the appraisal, and based on pictures of the deck, has determined that it’s a safety/health hazard, and is requiring railings and handrails to be installed prior to closing. The VA Appraiser was asked to amend the appraisal and specify the railings as a condition for financing.

Somewhere in a big office building in Denver, a VA bureaucrat is attempting to justify their salary and decides to conjure up some mystical number of 18 inches. Where did this number come from? Do they have a dartboard in the break-room? Do they yell over to the person in the adjoining cubicle and say “Pick a number between one and 30?” No ones knows. We’re the frickin’ VA, dammit! You want the loan? Then install the railing, period!

Never-mind that the Buyers would much rather install the railings themselves, after the sale goes through. They have a particular style/design they want to use to make it their own.

Never-mind that my Sellers are going to install the very minimum required to pass, and it will most likely be removed by the Buyers once they occupy the house.

So there’s my scary story for this Halloween season. Maybe for Christmas, Santa will bring me a nice smooth VA transaction?…

UPDATE: Just as an update. I received this email today from the Buyer’s Lender, re-stating VA’s position on this issue:

“Yes, I spoke to our underwriting manager and she said since the SAR (staff appraisal reviewer) ruled that the deck needed a rail in order to be in compliance with VA guidelines regarding Safe, Sound, and Sanitary conditions. I also spoke to the VA office in Denver and the gentleman I spoke with gave me pretty much the same answer. (except not so kind) I also asked both parties if this was documented anywhere and they said the section of the handbook addressing the Safe, Sound and Sanitary conditions would cover this issue.“

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Rich Jacobson is a licensed real estate professional providing knowledgeable empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com, ActiveRain, and Crabbing in the Hood, or e-mail:  kitsapagent@gmail.com

Bookmark this article to:

Related posts:

1. VA Appraisals and The Luck of the Draw One of the best things about living here on the...
2. Unlocking the Mystery of VA Appraisals in Kitsap County WA “And you will know the truth, and the truth shall...
3. Adventures in VA Loan Home Buying: The Journey Begins! One of my most favorite and popular series I’ve authored since jumping into...

• Properties currently active on the market:  1939
• Properties closed in the last 180 days:  1438
• Average Sales Price:  $291,990
• Average List Price:  $303,744
• Ratio of List Price to Sales Price: 96%
• Average Days on Market: 96
• Sales Pending this Week: 102

Seabeck/Holly WA statistics separately: (Area 145)

• Properties currently Active on the market:  80
• Properties closed in last 180 days:  62
• Average Sales Price:  $274,584
• Average List Price:  $290,865
• Ratio of List Price to Sales Price: 94%
• Average Days on Market: 113
• Sales Pending this week: 2

For additional area specific market statistics, go to www.KitsapLife.com

WHAT’S HAPPENING NOW?

While much of new home construction projects here in Kitsap County WA have been hard hit of late due to the economic downturn and lenders tightening their purse strings, one area builder appears to be thriving in this challenging market, Quadrant Homes. Phase 3 of ‘The Ridge at McCormick Woods’ in Port Orchard in particular is beginning to attract a lot of attention and potential Buyers.  To find out more, GO HERE.

Need a place you can go where life slows down, and great coffee and meaningful conversations flow?

Check out The Global Bean! Located in Silverdale WA on the 1st floor of the new Cavalon II Building at 2021 NW Myhre Road, between Bucklin Hill and Ridgetop.

The Global Bean isn’t your normal everyday java joint. If you’re looking for a quick ‘In-N-Out’ coffee to go with your quick ‘In-N-Out’ lifestyle, this isn’t the place for you.

The Global Bean Coffee Traders offers their customers a relaxing and elegant loft-type atmosphere featuring gas lights, a brick fireplace, cozy nooks and hand crafted beverages from around the world.

It’s also an entertainment venue with live music several nights throughout the week.

….act locally, drink globally!

The Global Bean Coffee Traders

2021 nw Myhre, ste 101 • Silverdale • 360.692.9582

Hours:  M-Th 7am-10pm • Fri 7am-Midnight

Sat 8am-Midnight • Sun 9am-7pm

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Rich Jacobson is a licensed real estate professional providing knowledgeable empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com, ActiveRain, and Crabbing in the Hood, or e-mail:  kitsapagent@gmail.com

Bookmark this article to:

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1. Real Estate Market Report for Kitsap County WA – May 2009 Real Estate Market Report/Conditions in Kitsap County WA for...
2. Real Estate Market Report for Kitsap County WA – June 2009 Real Estate Market Report for Kitsap County WA  06/01/2009 The following...
3. Real Estate Market Report for Kitsap County WA – March 2009 Real Estate Market Report/Conditions in Kitsap County WA for...

However, one area builder appears to be thriving in this challenging market, Quadrant Homes.

A Fortune 500 company and wholly-owned subsidiary of Weyerhauser Corporation, Quadrant Homes “More House. Less Money” is Washington State’s Largest Home Builder, with over 14 active developments from Mount Vernon to Yelm.

I had the good fortune of selling one of the first homes in the Stendahl Ridge development in Poulsbo WA. At first, many area agents were somewhat wary and hesitant at showing Quadrant properties to their Buyers. There was a lot of negative buzz floating around at the time, whether real, imagined, or otherwise, to the effect that Quadrant salespeople weren’t exactly ‘Buyer Agent’ friendly.

I think part of this mis-perception stemmed from Quadrant’s required procedure of generating their own purchase & sales contract on-site, and their seemingly ‘overbearing’ control over the entire transaction. Add to that the rather unique practice of paying out the Buyer’s agent commission at the beginning of the transaction versus at the completion of building. Many who take agency representation seriously felt that Quadrant was intentionally forcing the Buyer’s agent out of the equation.

Having been through the process as a Buyer’s agent myself, I can certainly understand how such attitudes could occur. However, such was not my experience.

In order for Quadrant to deliver on their promise of “More House. Less Money” they have to tightly control the entire process from start to finish. If you’ve ever been involved in a new construction project, you know how quickly things can go south! And as far as being paid up front, who in their right mind would complain about something like that?

I am currently working with some awesome 1st-Time Home Buyers right now who are under contract on one of the homes in Phase 3 of Quadrant’s “The Ridge at McCormick Woods” in Port Orchard WA. We are working closely with Dan Spurlock, the Development Community Manager. Dan commands an impressive knowledge of Quadrant’s products and is intimately versed in all stages of the construction process. He skillfully guided my Buyers through each section of the contract, careful to explain key portions in detail, and answer all of their questions. I have every confidence that my Buyers will continue to be treated with the utmost courtesy, respect, and care.

If you’re a 1st-Time Buyer or just looking for a great value in a home purchase, give me a call @ 360-440-4758, and I’d be glad to give you a personal guided tour of ‘The Ridge at McCormick Woods!

~     o     ~     o     ~     o     ~     o     ~     o     ~

Rich Jacobson is a licensed real estate professional providing knowledgeable empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com, ActiveRain, and Crabbing in the Hood, or e-mail:  kitsapagent@gmail.com

Bookmark this article to:

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1. Kitsap County WA Real Estate Market Report – October 2009 The following is a brief analysis of the combined single-family...
2. “The Art of Offering Less” Part Deux – Buyers in Kitsap County WA This entry is part 2 of 3 in the series...
3. Tips for Home Sellers in Kitsap County WA: “Let it Show!” (sung to the tune “Let it Snow!” Oh, the Real...

Ask you real estate agent for recommendations on some qualified, experienced local lenders/loan officers. A knowledgeable mortgage professional will be able to analyze and assess your financial status, and help determine the best loan product for your particular situation/budget.

One of my preferred lending partners is Cheri Kesti, Branch Manager and Mortgage Consultant with Windermere Mortgage Services here in Silverdale. I don’t recommend Cheri to my Buyer clients because she’s affiliated with Windermere. I endorse her because she consistently gets the job done, on time, and without a lot of added drama!

I’ve asked Cheri to provide some basic comparative information and the primary benefits of associated with using VA financing:

Cheri states “VA home loans are an excellent choice when compared to conventional, FHA, or USDA home loan options, which can often carry higher interest rates, or greater closing costs for the veteran or active-duty home buyer.”

Here are some basic highlights of the VA home loan:

• Lowest interest rate for zero down payment
• Lowest Buyer Paid-out closing costs
• No monthly mortgage insurance
• VA funding fee is waived if there is a service-related disability
• Applicable VA funding fee may be financed into the loan
• VA maximum loan amount is $700K with minimum down payment or $417K with zero down payment
• VA home loans are assumable
• Principal balance prepayment – without penalty
• The seller is allowed to pay up to 6% of the purchase price toward any or all of the following:

1. Buyer closing costs and permanent interest rate buydown
2. The VA funding fee (or any portion of it)
3. The buyer’s revolving or installment debt, prepaid interest, taxes, and insurance (not to exceed an additional 4% of the purchase price)

As stated above, the VA loan allows veterans 100% financing without paying private mortgage insurance. A VA funding fee of up to 3.3% of the loan amount is paid to the VA and is allowed to be financed into the loan. In a purchase, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less. Since there is no monthly PMI, more of the mortgage payment goes directly towards the Buyer qualifying for the loan amount, allowing for larger loans with the same payment. In a refinance, qualified veterans and active-duty personnel may borrow up to 90% of reasonable value, where allowed by state laws.

VA loans allow veterans to qualify for loans amounts larger than traditional Fannie Mae or conforming loans. VA will insure a mortgage where the monthly payment of the loan is up to 41% of the gross monthly income vs. 28% for a conforming loan assuming the veteran has no monthly bills.

Eligibility for the VA loan is defined as Veterans who served on active duty and have a discharge other than dishonorable after a minimum of 90 days of service during wartime or a minimum of 181 continuous days during peacetime. There is a two-year requirement if the veteran enlisted and began service after September 7, 1980 or was an officer and began service after October 16, 1981. There is a six-year requirement for National guards and reservists with certain criteria and there are specific rules concerning the eligibility of surviving spouses.

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Rich Jacobson is a licensed real estate professional providing knowledgeable empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com, ActiveRain, and Crabbing in the Hood, or e-mail:  kitsapagent@gmail.com

Bookmark this article to:

Related posts:

1. Adventures in VA Loan Home Buying: The Journey Begins! One of my most favorite and popular series I’ve authored since jumping into...
2. Mortgage Commitment Letter – the real loan approval letter John and Mary are frightened and more than a little...
3. VA Appraisals and The Luck of the Draw One of the best things about living here on the...

• Properties currently active on the market:  2056
• Properties closed in the last 180 days:  1414
• Average Sales Price:  $298,850
• Average List Price:  $311,121
• Ratio of List Price to Sales Price: 96%
• Average Days on Market: 96
• Sales Pending this Week: 68

Poulsbo WA statistics separately: (Area 166)

• Properties currently Active on the market:  116
• Properties closed in last 180 days:  112
• Average Sales Price:  $321,722
• Average List Price:  $329,347
• Ratio of List Price to Sales Price: 98%
• Average Days on Market: 89
• Sales Pending this week: 7

WHAT’S HAPPENING NOW?

The Fall season on the Kitsap Peninsula WA is definitely upon us! Temperatures are cooling down, the mornings are darker, and local high school football is in full swing!

In most markets across the country, real estate is seasonal, and typically begins to slow down once school starts back up. But here in Kitsap County WA we still are experiencing a steady flow of activity, especially with Buyers trying to take advantage of the $8000 Federal Tax Credit for 1st Time Home Buyers. In order to qualify for this credit, the purchase contract must be closed no later than December 1st, 2009.

Looking for good, economical auto repair? Try Town & Country Auto Repair!

One of the biggest challenges when moving to a new area is finding a reputable auto repair company. Your search is over with Town & Country Auto Repair on Chico Way in Bremerton! Trust Brian, Bruce, Ken and the rest of the guys at Town & Country to maintain your vehicles with knowledgeable and cost-effective service. For an appointment, call (360) 692-2262.

For more additional information and resources concerning real estate in Kitsap County WA and the Western Puget Sound, access my website, Kitsap Life .

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Rich Jacobson is a licensed real estate professional providing knowledgeable empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com, ActiveRain, and Crabbing in the Hood, or e-mail:  kitsapagent@gmail.com

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1. Real Estate Market Report for Kitsap County WA – May 2009 Real Estate Market Report/Conditions in Kitsap County WA for...
2. Real Estate Market Report for Kitsap County WA – March 2009 Real Estate Market Report/Conditions in Kitsap County WA for...
3. Real Estate Market Report for Kitsap County WA – June 2009 Real Estate Market Report for Kitsap County WA  06/01/2009 The following...

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As a veteran who proudly served on-board a submarine in the US Navy, my first two homes were purchased using VA financing. Living here in Kitsap County WA, home to the Bangor Sub Base and Puget Sound Naval Shipyard, many of my Buyer clients are Active-Duty military and choose VA loans when buying their homes.

Given the unique nuances and pros/cons of VA financing, I thought it would be helpful to publish a series of articles geared towards helping Active-Duty service members and veterans to better understand the VA loan process, and equip them to intelligently navigate the potential challenges they may encounter.

First, let’s dispel what is typically the most common misnomer about VA loans:

A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs, and may be issued by any number of qualified lenders, i.e., banks, savings & loans, credit unions, mortgage companies, etc.. However, neither the loan nor the money borrowed is provided by the VA.

The VA Loan began in 1944 through the original Servicemen’s Readjustment Act (also known as the GI Bill of Rights). The GI Bill was signed into law by President Franklin D. Roosevelt and provided Active-Duty Service Members and Veterans with a federally guaranteed home loan with no down payment. This program made the dream of home ownership a greater reality for millions of service people and veterans. The GI Bill has contributed more than any other program in history to the welfare of  our uniformed personnel, veterans, and their families.

In our next installment, we’ll compare the VA Home Loan with other loan products, and help to determine if VA financing is the best choice for you.

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Rich Jacobson is a licensed real estate professional providing knowledgeable empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com, ActiveRain, and Crabbing in the Hood, or e-mail:  kitsapagent@gmail.com

Bookmark this article to:

Related posts:

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2. Mortgage Commitment Letter – the real loan approval letter John and Mary are frightened and more than a little...
3. 1st-Time Home Buyer Tax Credit nears Extension According to an article on Forbes.com, the popular $8000...