What to Know About VA Loans in Rancho Cucamonga

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Today, I’ll discuss the scoop about purchasing a home using a VA Loan in the surrounding area. How do you get those offers accepted? How do VA loans look in the eyes of a seller or a listing agent, compared to a different type of loan?

Several years ago, VA loans were frowned upon if you were a seller or listing agent. Back then, sellers would incur additional costs on behalf of the veteran if they accepted a VA home loan. Fortunately, those days are behind us and a lot of changes have been made in this realm to ensure sellers don’t incur any additional costs. That’s helped VA buyers become more competitive in the marketplace.

It’s an incredible opportunity if you qualify, for a few reasons. Rates are lower than conventional loans. The credit underwriting process is a lot more lenient. The overall monthly payment will be lower compared to a different loan. You can also get a loan with 100% financing, which doesn't require a down payment.

Today, in the eyes of the seller, this loan will present an identical offer to any other type of loan. The only thing you can’t negotiate on a VA loan is the termite report, which is required to not only conduct, but to pass. The seller has to pay for this, and that’s standard for California real estate.

If you’re thinking about buying or selling a home in Rancho Cucamonga, give me a call or send me an email at your earliest convenience. I’d be happy to talk with you, answer your questions, and serve your local real estate needs.

What Can You Negotiate During a Rancho Cucamonga Home Sale?

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Value Report

When you’re buying or selling a home in Rancho Cucamonga, what can be negotiated? Most people think of price, but just about everything in a real estate contract can be negotiated.

For instance, you can negotiate the amount of time to complete inspections. If there’s something that concerns you as a buyer, you can ask for more time to finish inspections. You might want to ask for a termite inspection in addition to the standard home inspection. As a seller, if you’ve already disclosed all the problems in the home, you can set stricter deadlines for inspections.

You can also negotiate on when you close escrow. Typically, most home sales close in 30 days, but you could close in 90 days or more depending on the agreement.

Another contract term that needs to be negotiated is repairs. Which repairs will be done? Who is going to pay for them? These are important questions to consider and contemplate.

Finally, you can also negotiate on possession, in other words, when you get the keys. Typically, the buyer receives the keys at the close of escrow. However, you have the ability to work around this if you need to.

For example, we recently listed a home where Zillow said the value was $665,000. We listed the property at $699,000 and sold it for $740,000. Not only did we negotiate a great price, but we also were able to allow the seller to remain in the property for three months after closing at no cost to them.

If you have any questions on today’s video, or about real estate in general, just give us a call or send us an email. We would be happy to help you!