This is really just me venting and a warning to anyone with real estate in the US who receives or considers accepting a VA loan. If I could do it over again, I wouldn’t have accepted the offer until the appraisal was done and the lender had completed their job. You’ll see why that’s so important if you keep reading.
In early July I decided to sale my home and move closer to schools and work to cut down on my commute time considerably. Things moved pretty fast, we found a home, made an offer, put our home up for sale and within 24 hours were under contract. Everything was great at this point. The offer came in and I was told it’s going to be a VA loan. At first I wasn’t sure why I would even need to know or care about this. Well the fact is, the VA process is a total joke and full of scams and incompetent individuals who cannot do their job. It’s remarkably similar to how most Americans view their cable company, mainly Comcast.
Let’s look at a few things that I was told, I’m going to assume the points made to me were factual.
- VA appraisals have 10 business days to be completed.
This one just strikes me as ridiculous, 10 business days to do a simple job that conventional loans typically complete in half that time. What reason do you need in 2016 to require 10 business days? I guess etching stone and sending the reports via Pony Express does take time. Things got even more ridiculous for my home. The appraiser came out on a Thursday and in less than 24 hours my realtor contacted me to inform me that the appraisal was going to be a little lower than the agreed contract price. Which I was okay with that, but no one ever mentioned a number, ever. My realtor and I got together and submitted a rebuttal to get the best appraisal possible on that Friday, all within 24 hours of the appraiser coming out and leaving my home. The weekend came and went, the following week was filled with stress thinking what are we going to do if the appraisal comes back at X amount. I did all the numbers and scenarios to make sure we had it altogether. It literally was a waiting game. So the entire next week came and went, I was livid, it still makes me angry to think it takes anyone more than 5 days to do a simple appraisal. I honestly thought, maybe this guy died and no one knows and I’m sitting here and we won’t know until someone actually contacts him to see what is taking so long. Well we continued waiting, on the 9th business day (13th day) since the appraiser left our home we were finally told it was a measly $5,000.00 less than the agreed sales price. In a minute you’ll see why this appraisal was the beginning of a shit storm for all ages.
2. VA loans/lenders require that a seller pay for a termite inspection.
Sure it’s only $50 bucks but it’s another cost that can’t be rolled into closing costs or the buyer can’t pay only cause it’s a VA loan. No one could ever give me a valid reason for why that is the case, I guess things are tight with the government lately.
Okay so I realize I don’t have many points to talk about. The first one is the main reason that ruined my week and has my family sleeping on a mattress in our floor with a U-Haul in the driveway. We were supposed to close on our house today at 9:45am CST. Yesterday at 4:15pm CST, I received word that we aren’t going to be closing because the VA didn’t finish their job on time. The lender needs more time to complete their process was basically the message. What kind of crap is that? They’ve had a month to do everything, and why more time is needed is beyond the imagination. It’s 2016, we literally have rockets flying to the ISS and landing safely back on the Earth. I guess my frustration comes from the fact that I simply don’t understand it. How does it take any company/entity that long to do some paperwork and finish a task. Thankfully my appraisal and lender was done through Regions bank by competent individuals and they were done and ready for closing with two full weeks to spare. Everything I was required and asked to do was completed, so now I have to pay the price because I accepted a VA loan and they can’t complete their job on time.
Now I’m out $50/day for a U-Haul, our clothes are on the front of the truck so I’d have to unload the entire truck to get more clothing. We have a couple items in a suit case for all 5 of us. Then don’t get me going on Comcast customer service, I woke up and the internet was disconnected and it should have been because we had a move date for today. So I’ve called 3 times and spoken to people who can’t understand what I need done. I just need service turned back on at my current address and not the new one for another week. You’d think that wouldn’t be hard but I’ve been transferred numerous times and no one can resolve the issue.