Check out the home I just sold in Rancho Cordova for $475,000! I was the agent for a first time buyer who is a Veteran, who was referred to me, and was able to use a VA loan for this purchase. The VA loan program is a great one for those who qualify and interest rates are lower. It was a long journey. Many months of searching and many areas of consideration starting from the Bay Area and ending up in the Sacramento area. The prices drop drastically as you get further out of the Bay Area.
For this home, we competed against 6 other buyers and being a VA loan, I was very hopeful, but not so sure we could beat out the competition. Luckily, we were able to lock it in, partly because the listing agent felt I was quite competent and seasoned. Apparently, there were other agents he didn’t feel as confident. Even with competition and offering over the listed price, this home appraised $10,000 HIGHER than the buyer paid! I thought that was amazing given the bidding war.
The transaction itself went quite smoothly. There were no inspections done by the seller, so the buyer had to get their own. Luckily, the home is in very good condition and there were no big surprises. If anything, the home was in better condition than expected.
For a VA loan, the VA requires a termite clearance in regard to termites, in which the seller is responsible to provide the buyer with a home that is termite free. One thing that was new to me, it used to be that the VA required a Section 1 clearance, but now it’s more-so that they require a termite free home. There is a form that a termite company can fill out to state that there is no active termites, and that form is now sufficient for a VA loan. In the past, the home had to be clear of all Section 1 items, to include dry rot and fungus. So, that was a change since I had last sold a home with a VA loan. The termite company was booked out further than usual to do the treatment, so the completed form came a little later than we had hoped, but still in time to not cause a closing delay.
Although, we did have a bit of a shocker at the very end of the transaction…the seller moved into a care facility and it was determined at the 11th hour, as we were about to close the transaction, that the Trustee had to take over, and he lived in Michigan. Amazingly, we only closed 1 day late, and that was only because the Trustee lived in another state. If he was local, we would have actually closed on time. All parties that got the news had their heart drop initially, because none of us had experienced this before, but we got it done, with essentially no real delay. Even after a 31 year career…I’m still learning and experiencing new situations…LOL!
just Sold for $475,000
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