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How long to wait for VA loan letter on house we are selling?

The house we are selling was supposed to close on Thursday (July 29) but did not due to the VA loan letter not having been received.  It didn't close Friday either, even though the documents were all ready to be signed. How long should we wait before releasing our buyers from the contract?  It didn't close on the original closing date of July 19 because the wife had a change in employment status to salaried to being paid per patient and the loan was denied.  The buyers have obtained new financing and everything is in place except for this document.  We are more than a little frustrated since we are now in another state and would like to purchase a home and get our life back on track.  We had a lot of interest in the house and it shouldn't be hard to sell if we have to put it on the market.  We think our buyers are perhaps not in the best financial situation and wonder how likely it is that they ever get the VA letter. 

  • July 31 2010 - Chesapeake
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Answers (3)

This sounds like a decision that should be made between you and your Realtor.  Clearly the buyers have had some problems, which seems to be compounded by the original lender making a mistake.  If a new lender is reputable and saying that they can get the loan done, it may be worth waiting... However, for the second lender to come into the picture knowing the first lender had an issue and still have problems it would sure raise red flags for me as a seller. 
  • August 01 2010
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Our listing agent has been trying to get an answer from all involved parties without any luck.

  • July 31 2010
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Good morning, and I hear your pain. Of all the available products, the one great thing is that VA will be the most lenient in terms of getting the Veteran into his/her home. However, the change in pay status is significant, especially in the middle of the transaction. Two weeks of underwriting with this new aspect seems about right...and I do not think you will lose much giving the borrower another few days.
Have your listing agent call the loan officer for the VA loan, and get your questions answered from the "horse's" mouth.
Best of  Luck in your new life! Jim Ryan, HSOA, Chanitlly, VA
  • July 31 2010
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