How a Orlando Short Sale Works When You Have A VA Loan

People with a VA loan often ask if they are eligible for a short sale. The answer is yes. A VA Short Sale is called a VA Compromise Sale.

The Department of Veterans Affairs publicly releases copies of the Compromise Sale Guidelines. We usually list the property for sale and then submit all the short sale paperwork after a contract is accepted by the seller.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

The lender will order a VA Appraisal. All the appraisals go thru a VA Loan Center. There are 9 Regional VA Loan Centers as of today. After the appraisal is done, I always call the local VA Loan Center. I fax them a request for a copy of the appraisal.

Upon receipt of my request they fax me a full copy of the appraisal. I can see everything on the appraisal. All the comparable sales they used, etc.

I love it because it makes the short sale process more transparent. Now if only we could get Fannie Mae & Freddie Mac to do the same thing! If I think the appraisal has inaccuracies, then I can request a dispute.

Most of the Loan Centers have an appraiser on staff that handles disputes. Here is how to find out if you have a VA Loan.

On the mortgage recorded in the public records, usually 1-4 pages past the signature page will be a VA Rider. At the top it will say “NOTICE: THIS LOAN IS NOT ASSUMABLE WITHOUT THE APPROVAL OF THE DEPARTMENT OF VETERANS AFFAIRS.”

The picture above is for a VA mortgage. The page for the VA mortgage was 2 pages below the original signature page of the mortgage. The pages between this and the signature page had the notary signature and the legal description.