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As a seller, you risk longer marketing times by eliminating FHA buyers who are a good portion of the market these days. The duration in which a property is on the market and the severity, or risk of obtaining a lower price, are affected by being picky about who you sell to.Inspection issues can be handled if you are working with an experienced lender.
Jaci, wetdawgs...not sure how things are in other states, but here in AZ when an agent (or seller) advertises 'No FHA or VA' it doesn't mean the seller wouldn't review or accept those offers, it typically means that the property won't qualify for FHA or VA financing due to their VERY stringent appraisal guidelines. The FHA & VA appraisers here in Phoenix are VERY picky, and they often flag things like peeling paint or a missing stove. In a short-sale or REO (which make up over 60% of our sales), the seller normally doesn't have the money (or the desire in the case of a bank-owned REO) to make those repairs to allow the VA buyer to finance the home.
I see a LOT of REO agents inserting that verbiage on their listings as a way to let the cooperating agents out there know that their listing willl NOT qualify for FHA/VA due to it's dilapidated condition. I for one appreciate that notification as it will save me a lot of time when I have an FHA or VA buyer. Also, their seller (a bank) will usually NOT do the necessary repairs to enable it to be financed by anything other than a conventional loan (20% down typically) OR possibly an FHA 203(k) rehab loan.
A lot of the REO sellers (banks) that we work with here in AZ do NOT like the FHA 203(k) rehab loans due to the longer escrow periods and possibility of it falling-out.
I completely agree with you that if a 'normal' seller with a home that's in good condition would agree to NOT consider a VA loan OR an FHA loan, they are eliminating a LOT of potential buyers. Both are EXCELLENT financing products for our Veterans and the first-time buyers. I would use a VA loan myself if I was a Vet!
The only reason I could think that a 'regular' seller would not want to accept a VA contract would be the VA 'non-allowable' expenses; those are the fees that the buyer CANNOT pay and the seller is required to pay, usually the escrow fee and the lender's fee.
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