Home Sellers - VA can help sell your home. Here's why:
FACT #1: There is a huge inventory of homes for sale (How many other sellers are you competing against in your area?)
FACT #2: Buyers are few and far between (Just look at the drop in 'number of homes sold' and the increase in 'days on market' in your area!)
FACT #3: Incoming transferees are highly motivated to buy - in fact, they MUST find a place to live.
FACT #4: Incoming transferees may be cash-poor, because they can't sell their current home to pull out equity for a down-payment and closing costs here.
FACT #5: VA-eligible borrowers may not need to sell their current home to buy yours. Wouldn't you just love to have a non-contingent buyer make an offer on your home?
Fortunately, we have a great source of buyers in this area: Incoming transferees to Fort Meade, NSA, Andrews AFB, the U.S. Naval Academy, and the Federal Government in Washington, D.C., who are veterans or active duty military personnel. Many, and perhaps most, are eligible for a VA-loan.
Therefore, even if they can't sell their current home to pull out their equity for a home purchase here, they may be able to buy your home with a VA no-money down loan. If you're willing to pay their closing costs, all the better. Frankly, local buyers can use this strategy, too - just rent their current home and obtain a VA loan to buy a new one.
Yes, VA can help you sell your home. Ask your listing agent what he or she does to promote your home to VA-eligible buyers. If you're not satisfied with the answer, it might be time to consider another agent. Don't overlook this prime target market because it could be the difference between selling your home or having it sit on the market another six months.
HOME BUYERS: Check out the Good News for VA-Eligible Home Buyers
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Faina - this is one of those things we can dig off the back shelf from the last buyer's market.
Jen, I don't believe that's the whole story, unless things have changed recently. If the guarantee amount has gone up since a borrower took out the current VA loan, there is a formula for calculating partial eligibility. This may still be more desirable than any alternative loan for a buyer which makes buying an option. For a Localism post directed to home sellers, I didn't fell it was necessary to go into all the details of all the variations of the VA loan program. There is more information on the related post, Good News for VA-Eligible Home Buyers, including links to the VA.
Charlie, your familiarity with VA loans may help your sellers, as well as your buyers
Al, I think that's true. I don't see any evidence of other agents promoting VA to sellers in this area