It can be difficult for Veterans to compete with other buyers when there are more buyers than homes on the market. Experienced real estate professionals can help close the gap.
Interest rates for home loans have remained at near-record lows for several months, putting the dream of home ownership within reach for more and more Americans. However, the number of homes available for sale has dropped in markets across the nation.*
For Veterans looking to use their VA home loan benefits, these “seller’s market” conditions make finding the right real estate agent more important than ever.
How Can Your Real Estate Agent Make A Difference?
Jeremy Lambert, principal broker of Salt Lake City, Utah-based Freedom Eagle Realty, matches buyers with military-friendly real estate agents across the country. He agreed that low inventory poses unique challenges for Veterans in the housing market, but said that working with a knowledgeable agent and loan officer can make a big difference.
“If they understand the workings and timelines of a VA deal, you may still be able to get a deal done within 45 days,” he said.
Nuts And Bolts
Government-backed VA loans include benefits such as the potential for no down payment and no annual private mortgage insurance fees. They also carry some requirements that can make it harder to get offers accepted, such as a special appraisal process, limits on the closing costs Veterans can pay, and additional legal language in the offer.
These rules can seem like a maze to a real estate agent or lender who isn’t familiar with them, but real estate agents who work with Veterans often understand that certain rules are there to help protect Veterans’ interests.
Beyond helping the process go smoothly on the buyer’s end, a knowledgeable agent can educate the seller and listing agent about the VA loan process so they feel more comfortable accepting an offer.
Selling Your Story
Having served your country provides you with federal VA home loan benefits, but it can also help convince sellers that you are the right person for their home. Veterans are known for being dedicated, responsible, and engaged in their communities.
A good agent will take the time to learn who you are, what you need, what a home means to you, and what you have sacrificed for your country. Then, they can pass this information on to the seller with either a personal call to the listing agent or a well-written cover letter on your offer.
Extra Insight
From knowing when to offer extra earnest money to writing clean offers or even knowing when it’s time to move on, an agent who is experienced with the VA process can help you make the most of your VA home loan benefit.
Ready to Get Started?
If you're ready to get started, or just want to get more information on the process, the first step is to get multiple rate quotes with no obligation. You can then discuss qualifications, debt to income ratios, and any other concerns you have about the process with the lenders.
*Source: http://economistsoutlook.blogs.realtor.org/2016/08/02/june-2016-existing-home-sales/
