Why you should list your condo VA if it is on the VA approval list
In the last month I have given you information on how to tell if a condo is FHA approved. Now it is time to give you information on if a condo is VA approved.
A lot of agents are working with buyers who need a VA loan. The agent sets up the search criteria by financing type. DVA or VA eligible. If you have a property that works for VA you might be missing out on some buyers who could and would qualify to buy with VA financing by not putting this information under financing type. In my experience I have found more approved condo's VA vs FHA.
Link to check and see if a VA condo is approved
VA Condo Approval List
A very important FYI--If the property is on the VA approved list it does NOT mean the property condition is approved - it means the association has been approved by the VA pending no major changes. There are quite a few condo's on the MLS that are VA approved but not eligible for VA financing due to repairs that need to be completed for health and safety. Here's what happens when a VA appraiser calls for work orders: The seller is to complete the repairs as specified by the appraiser, the buyer is to switch financing to a rehab loan, or the sellers could put the home back on the market and offer cash or rehab terms.
I will say of all the appraisals I see--the VA has had the least amount of repairs called. If you have any questions about a property conditions for financing please call me or text me a picture of the concerns you have. I will see if I can help.
In conclusion, if your property is on the VA condo list it doesn't mean it will automatic meet value or not have any work orders. The home still has to be suitable for year around use and must meet VA minimum property standards for financing.