Why would a seller not want a VA loan?

Many sellers – and their real estate agents – don’t like VA loans because they believe these mortgages make it harder to close or more expensive for the seller. Are less likely to close than other types of mortgages. Take ages to reach closing. Have appraisers who are slow and routinely undervalue homes.

Do you get earnest money back if offer is not accepted?

That amount varies but is usually between 1\% and 3\% of the home price. It’s held in escrow as a show of good faith that you’re interested in purchasing the home. If your bid wins, your earnest money is deducted from the amount you owe at closing. If the seller rejects your offer, your earnest money should be returned.

Can a buyer change financing after offer accepted?

No — unless you’ve signed a contract with the lender that states you can’t switch lenders. “There is usually no risk or consequence for the buyer to find new financing — as long as they can get financing within the time-frame specified by the contract,” he says.

What happens if seller does not release earnest money?

What Happens If The Seller Refuses to Release The Buyer’s Deposit? Neither party is allowed to hold the earnest money deposit in bad faith. Failure to return the deposit can result can result ina civil penalty up to $1000 per California Civil Code § 1057.3.

Should you accept a VA loan offer?

Are VA loans bad for sellers? Not necessarily. Accepting an offer from a buyer using a VA loan when selling your home can be just as difficult as a buyer using a conventional mortgage. There are many myths and misconceptions about the VA loan, but you as a seller should have nothing to worry about.

Why is my offer not being accepted?

If your home purchase offer was rejected, it was likely for a reason involving money. Your offer price may have been too low or too high, or they may have simply received a better offer. Other reasons could include the listing agreement commission structure, specific contract requirements, or personal reasons.

What happens after your offer on a house has been accepted?

Once your offer has been accepted, one of the first steps to take when buying a house is hiring a solicitor. Your solicitor will receive a copy of the draft contract from the seller, which they will then send to you. Your solicitor will check the contract and negotiate the terms of the draft contract on your behalf.