[WSBAPT] VA Lending/appriasal question

[J Richard McEntee, Jr.]

Good morning

I am looking for some advice with a VA loan that is in process. I have a client who is selling a home. The client has agreed to sell to a VA borrower. The process has moved along to the point that the VA appraiser has completed his appraisal and is now conditioning his value upon work to be done on the property. The work is fairly substantial (the home is quite large) to include carpet and vinyl flooring as well as a significant amount of painting inside and outside. The client, is unwilling to make any repairs. However, the buyer is willing to make the repairs to satisfy the appraiser. The issue at this point is that the repairs must be made and the property re-inspected by the appraiser before closing. The buyer is willing to do this. The client is concerned about allowing the repairs to be done before closing. The concerns include, workmanship, liens, failure to close, etc. 

From what we understand, if the appraiser signs off on the completed repairs and issues his appraisal “as is,” then the lender will lend, and the sale will close promptly. 

At this point, the original P/S agreement has expired. Also, there is a back up offer that was accepted many weeks and that is still available to the seller.

I have not seen a situation like this before. Has anyone had experience with a matter like this? Any thoughts on how to proceed? I would appreciate any guidance.

Best regards
Rich


RICH McENTEE
McENTEE LAW OFFICE
3800 Bridgeport Way W, Ste A411
University Place, WA 98466
253.227.9894(m)
jrmcentee at gmail.com       

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