List That House With FHA & VA Finance Options!

Michelle Flood Realtor/Notary Public
theagentdiva@gmail.com
727-457-7474

 I look at the Multiple Listing System daily to see what market conditions are doing. I noticed recently that more and more often sellers are not offering FHA or VA mortgages as finance options with their listing. That's a bad idea. Let me explain why.

When you're selling your home, marketing your property is really important! You want to make sure that your home get's plenty of exposure, so that it can sell at the best price in the shortest amount of time. Current market conditions, and current economic factors make it important that your listing can fetch as many buyers attention as possible. So, when entering a listing agreement with your agent, the vast majority of buyers are going to have to get some kind of financing. There are several products you can get, but top 3 are, FHA, Conventional and VA loans.
Currently a majority of buyers will need to use an FHA, or VA mortgage product, because of their credit score, down payment funds, etc. Some agents are of the mind, because of how these loans were structured by the US government, that these products are not beneficial to the sellers best interest. In the past FHA and VA loans were appraised with more scrutiny and those values came in lower than their conventional counterparts. There were also costs associated with FHA loans that the buyer was not allowed to contribute to, making the seller, responsible for those closing costs. Further those price evaluations stuck with those homes for 6 months after the appraisal was done. That is no longer the case. FHA, and VA loans, are appraised, in the same way as Conventional funds are. Subsequently, laws requiring sellers to to pay for some of the closing costs for an FHA buyers no longer apply.
If you limit your purchase options to just cash or conventional mortgages, you're cutting yourself off from about 80% of the market.
Staying current on laws, and the ever changing mortgage industry is what a good agent does.

Need a mortgage? 
Contact Stacey VanSchenk Paramount Mortgage
727-439-9288
stacey@paramountmortgage.com

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