The Real Estate Browser Volume 10, Issue 5 | Page 39

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Volume 10 Number 5 – Say you saw it in The Real Estate Browser of Lynchburg — 39
“Sometimes we find with older homes
that sellers are basing their prices on the new
homes being built 2 miles away,” Middleton
says. “Basically, they want to price their 1990s
house as a brand-new house, but the appraiser
might not always agree.”
The key to finding a good balance comes
down to the comparative market analysis,
or comps. Your Realtor should run a market
analysis on similar, recently sold homes in the
area before you come up with an offer price.
If you land on a price that looks good to the
seller and matches up with the appraiser’s valu-
ation, you’ll have an easier time getting your
offer accepted and getting approved for that VA
loan.
4. Be conservative with demands
There are lots of myths about the VA loan
process—that it takes a long time (not true)
or that the seller won’t make a profit (not true
again!). Being a VA buyer shouldn’t keep sellers
from accepting your offer, but still aim to make
your offer shine—especially if you’re buying in
a competitive market and multiple offers are
common.
That means you might want to dial it back
with the demands. Take, for example, closing
costs. If you don’t have the funds you need to
cover the closing costs yourself, it makes sense
to ask the seller to foot some of the bill. But
you stand a better chance of getting your offer
accepted if you present it carefully.
“You have to put yourself in the seller’s
shoes a bit. If you just say, ‘Hey, I want you
to cover $6,000 in closing costs just because
you’ve been on the market for 71 days,’ it may
not go so well,” he explains. “Rather than offer
$173,000 for the house and then ask for $6,000
in closings costs, absorb some of those costs
into the asking price. Offer $179,000 instead.”
With this approach, you’re effectively
financing your closing costs—with inter-
est—over 15 or 30 years. But do keep in mind
the home will need to appraise for that higher
amount.
5. Make yourself stand out
You should also find creative ways to make
yourself stand out from the other buyers.
“We often ask our buyers to write a ‘love let-
ter’ to the seller,” Racz says. “For instance, what
they like about the house, why they are mov-
ing, how long they have been looking, etc.”
It could mean the difference to sentimen-
tal sellers who want to see their home go to
someone who will love it as they did. Even
if it doesn’t, you know you pulled out all the
stops to make a solid offer that not only will be
accepted by the seller, but will also get your VA
loan approved.
Angela Colley writes about real estate and
all things renting and moving for realtor.com.
Her work has appeared in outlets including
TheStreet, MSN, and Yahoo.
Middleton recommends trying to roll those
closing costs into the total cost of the home.
Click on the Listing for photo tours and additional information for each property.