When people bitch about the government, like ANYTHING is better than the way a government would do things, I cringe. We – WE – the citizens of the United States ARE the government. It’s not inherently bad or evil or misguided, not at its core. Ours is better than a lot of governments out there. Is there ever any corruption or negligence or branches working at crossed purposes? From time to time. Some areas worse than others. But, on the whole, it works. Mostly.
Today, I actually got pissed at a disabled military veteran. Me, the daughter of a Lt.Col. I got mad at him, but the blame should squarely be on our government. To sum up my dismay, let me skip to the end: We’re never going to close on selling our house.
The prospective buy, he who we have a contract with, the disappearing nothingness one, let’s call him Joe, is a disabled vet. He’s entered into a contract to purchase our house, pending a 100% VA loan. See, Joe has NO MONEY. But, hey, he served to protect our nation, I am willing to cut him some slack. Actually, I am happy to let the VA folks cut him the slack.
Let me mention that we have lost a lot of money on this deal. We are selling the house at WAY below what we paid for it. We’ve funneled a ton of money into the house over the years, and all told, I guess we are losing upwards of $100K. Ouch. So, we were not interested in making any changes for the seller. None. Zippo. Zilch. The house was sold AS IS. (The contract, however says that the deposit amount – $500 – was the maximum we would be obligated for in case of repairs demanded by the lender. Whatever, fair enough.)
Yesterday, my Realtor comes to me and breaks the bad news that the lender – the V.A. – wants some repairs made. Most are minor and are within the 500-buck limit, BUT, there is one major repair they want: a chimney fix (I don’t think ANYTHING is wrong, but the VA is freaked out that their boy may get into this house and the chimney will fall off or something, and then poor Joe will be sad and inconvenienced or something like that). They won’t accept just any fix; only one done by a bonded contractor, with a liability waver a guarantee. She said this could be thousands of dollars.
I said, “Contract. As is. $500?”
She said, “That’s right. But…”
There is always a but. The VA won’t give the loan without the fix. WE aren’t liable for more than $500. Joe SHOULD have to pay for the rest, but…
JOE HAS NO MONEY.
Usually, the price of this kind of repair could be rolled into Joe’s loan. But the appraisal and the selling price are too close. VA won’t give a loan for more than the house is “worth”.
What we have here is impasse… and the fuse is lit on Emilie’s short temper.
What cheeses my biscuits is why Joe thought he was ready to buy a house in the first place. WE had to save up for a down payment. Thousands and thousands of dollars. We scrimped and saved, and knew that things like pre-closing repairs were likely, and that we would have to pay for some of them. We had to come up with 5-thousand dollars for mold abatement before we cold close on our new house. Not the bank who owned the house, WE had to come up with the money – BECAUSE OUR LENDER SAID WE HAD TO!
Does Joe have no credit cards? Why not? Is my government lending 100% of the cost of a house to a man who has absolutely no prospect of actually maintaining a mortgage? I’m no financial wiz, but is smells like the V.A. is setting Joe up to fail.
And I am mad as hell that I may just have to make another mortgage payment on a house that I really, REALLY loved, and honestly, from a financial perspective, don’t think Joe deserves. I’m bent out of shape that Joe and the V.A. wasted my time – time I had to pay for in the mortgage of a house where I DON’T live. When we bought that house, we had to save up a ton of money. It was all saved up BEFORE we started looking for a new place to live. The act of saving, and earning many years of good credit, allowed us the luxury of that beautiful airy house. I’m angry the V.A. wants everything just so in a house where they aren’t going to live.
This deal is so falling apart.