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VA Loans - and My Dilemma

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  • #31
    Originally posted by 37818 View Post
    Is that a commercial grade water heater?
    Wow I didn't catch that. I paid like 300.00 for mine, I think.
    Watch your links! http://www.theologyweb.com/campus/fa...corumetiquette

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    • #32
      Originally posted by Carrikature View Post
      I generally figure that if you can't afford a down payment, you can't afford a house.
      With the VA loan a really common situation is to get out if the military with a job lined up, but because of low military pay they probably don't have a dp saved up, but are in a position to start settling down. It's a really useful program, if occasionally awkward.

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      • #33
        Originally posted by DesertBerean View Post
        Wow I didn't catch that. I paid like 300.00 for mine, I think.
        Hm, Sparko may have answered that one...
        Watch your links! http://www.theologyweb.com/campus/fa...corumetiquette

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        • #34
          Originally posted by Bill the Cat View Post
          CP, the new federal regulation for water heaters requires more insulation than the older water heaters have. My brother is a plumber and explained that to me. The water heater you have probably isn't up to current code, so they may want one that is.
          From what I understand, we're not required to go to current code unless it actually is "dead", and we have a pre-paid transferable home warranty for that. It's in an attic (not something typically done in the North, but common in the South) so that adds a major factor of "carry it up the attic stairs" and remove the old one.

          HOWEVER!!!!! This may not be a problem after all....

          The more I think about it, the more I think that any "allowance" is off the original agreed upon sale price.... if the sale price gets renegotiated (due to VA requirement not to exceed appraisal) then that "allowance" 'disappears' if the decrease in price exceeds the amount of the allowance. I think.

          Maybe.
          Last edited by Cow Poke; 05-07-2016, 08:57 PM.
          The first to state his case seems right until another comes and cross-examines him.

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          • #35
            Originally posted by Jaecp View Post
            With the VA loan a really common situation is to get out if the military with a job lined up, but because of low military pay they probably don't have a dp saved up, but are in a position to start settling down. It's a really useful program, if occasionally awkward.
            Yeah, and I'd really like it to work, but for the seller, it's like being in a negotiation where the buyer holds all the cards and calls all the shots.
            Last edited by Cow Poke; 05-07-2016, 09:05 PM.
            The first to state his case seems right until another comes and cross-examines him.

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            • #36
              Originally posted by DesertBerean View Post
              Hm, Sparko may have answered that one...
              Sparko is BTC's SockPuppet!!!!
              The first to state his case seems right until another comes and cross-examines him.

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              • #37
                Originally posted by Cow Poke View Post
                Sparko is BTC's SockPuppet!!!!
                Dang, I thought it was Sparko...sorry.
                Watch your links! http://www.theologyweb.com/campus/fa...corumetiquette

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                • #38
                  Originally posted by DesertBerean View Post
                  Dang, I thought it was Sparko...sorry.
                  Rats! I thought you knew something I didn't know.
                  The first to state his case seems right until another comes and cross-examines him.

                  Comment


                  • #39
                    Originally posted by Bill the Cat View Post
                    CP, the new federal regulation for water heaters requires more insulation than the older water heaters have. My brother is a plumber and explained that to me. The water heater you have probably isn't up to current code, so they may want one that is.
                    Yes. But current code water heaters unless they are for commercial use don't cost $3000, do they? The prices I saw were under $500, or are those not according to code?

                    Oh, the code changed last year (2015) in August. That is recent. But from what I understand their cost is maybe only $200 more than the older modals.
                    Last edited by 37818; 05-07-2016, 10:05 PM.
                    . . . the gospel of Christ: for it is the power of God unto salvation to every one that believeth; . . . -- Romans 1:16 KJV

                    . . . that Christ died for our sins according to the scriptures; And that he was buried, and that he rose again the third day according to the scriptures: . . . -- 1 Corinthians 15:3-4 KJV

                    Whosoever believeth that Jesus is the Christ is born of God: . . . -- 1 John 5:1 KJV

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                    • #40
                      Originally posted by 37818 View Post
                      Yes. But current code water heaters unless they are for commercial use don't cost $3000, do they? The prices I saw were under $500, or are those not according to code?

                      Oh, the code changed last year (2015) in August. That is recent. But from what I understand their cost is maybe only $200 more than the older modals.
                      You're only going by the price of a water heater, and assuming you are installing it yourself. A vet may or may not be disabled and unable to perform this himself. So the VA is probably counting the cost of paying a plumber to come remove the old one from the attic and install the new one up there...and when you do that, the existing plumbing HAS to be brought up to code. Counting the markup a plumber will put on the water heater, the cost of removal of that and any existing plumbing not up to code (if any), then reinstalling any plumbing to bring the existing services up to code and the labor for all that could easily reach $2000 - $3000. Plumbers typically charge $50 - $80/hr in my area, they may be more in CP's area.
                      "What has the Church gained if it is popular, but there is no conviction, no repentance, no power?" - A.W. Tozer

                      "... there are two parties in Washington, the stupid party and the evil party, who occasionally get together and do something both stupid and evil, and this is called bipartisanship." - Everett Dirksen

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                      • #41
                        Ah, ok.
                        Watch your links! http://www.theologyweb.com/campus/fa...corumetiquette

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                        • #42
                          Originally posted by Cow Poke View Post
                          Sparko is BTC's SockPuppet!!!!
                          I'm not worthy...

                          new-were-not-worthy-gif-474.gif
                          That's what
                          - She

                          Without a clear-cut definition of sin, morality becomes a mere argument over the best way to train animals
                          - Manya the Holy Szin (The Quintara Marathon)

                          I may not be as old as dirt, but me and dirt are starting to have an awful lot in common
                          - Stephen R. Donaldson

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                          • #43
                            tell them that you already agreed to the va contract and you are not going to give any extra. if they dont like it, they can go elsewhere and you are free to sell to someone else. I think giving them a home warranty is a nice gesture too. The sellers gave me one when I bought my house and it came in handy.

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                            • #44
                              Originally posted by Sparko View Post
                              tell them that you already agreed to the va contract and you are not going to give any extra. if they dont like it, they can go elsewhere and you are free to sell to someone else. I think giving them a home warranty is a nice gesture too. The sellers gave me one when I bought my house and it came in handy.
                              Yeah, I think we'll suggest that we focus on the issues that would affect approval for a VA loan, and they can do the other stuff after they move in. We have already purchased a home warranty transferable to the buyer, so that's covered. (The water heater was not part of the VA requirements - that was a buyer demand.)

                              If the appraisal they come up with (for which I have to pay) is lower than the appraisal I already had done, I can use my appraisal to counter theirs. Otherwise, I just be quiet.
                              The first to state his case seems right until another comes and cross-examines him.

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                              • #45
                                OK, so the option period was to expire by 5 PM yesterday, and we were supposed to agree to an extensive "fix this" list based on what the VA Might need for funding. I told my realtor I just couldn't do that, because there were way too many variables. Also, I noted that, in the "demands", there was a new clause that required me to have all repairs done by "qualified tradesmen" and "receipts are required".

                                I'm quite capable of doing many of these repairs myself, and that requirement just adds a whole 'nuther level of cost and bureaucracy. I told my realtor I was ready to back out of the deal because, as I said, there are just way too many variables. The "selling price" is set by the appraisal, which I pay for, and which we do not yet have, and the "repairs by qualified tradesmen" may or may not satisfy the VA inspector.

                                Apparently, when my realtor advised the buyer's agent that I'm tired of the nonsense, they begged for a 5 day extension on the option, let's get the VA inspector to do his inspection, and see what he actually requires, rather than a whole list of what we think he might require. That's pretty much what I have been suggesting all along. Meanwhile, my realtor spoke to the man who will be doing the inspection, and he seemed to really downplay it as "as long as the utilities work and water runs, there should be no problem".

                                Government!
                                The first to state his case seems right until another comes and cross-examines him.

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