U.S. veterans and active service members are not taking advantage of the many perks available to them when buying or selling a home. That’s the conclusion of a recent report published on the U.S. Department of Veteran Affairs’ website.
According to the report, of the more than 21 million veterans and service members currently living in the country, only 6% have bought a home using a VA home loan in the last five years. The report also shows that the majority of veteran buyers and sellers continually miss out on benefits like more-friendly refinance options and funding fee exemptions for the following reasons;
- They don’t know about these advantages
- They think/feel that getting these benefits would take a lot of time/effort
- Some lenders don’t take the time to teach veterans about the benefits
You can take advantage of all the available veteran perks while also making the home sale/purchase process more comfortable and a lot more rewarding by working with a military-friendly real estate agent. The following are just a few ways the agent would help you;
Veterans real estate agents know all VA-related perks
The knowledge of a veteran-friendly real estate agent is perhaps the most compelling reason you should enlist an agent familiar with the market – they know every single benefit available to you. As soon as you mention that you’re a veteran or a service member, those benefits will be ringing in their heads.
Agents unfamiliar with what is available for service members, meanwhile, may or may not be aware of these benefits. And, if they do, it’s likely that they may not know about all of them. So, although they may discuss a few advantages with you, they can’t help you get maximum value in the market.
Faster process, thanks to market familiarity
The main reason your typical real estate agent might take longer to close a deal in the veteran market is a lack of familiarity with the market. They don’t understand the market, therefore, are bound to stumble.
Meeting the VA’s Minimum Property Requirements, for instance, can take ages. An agent without experience in this area can spend days or even weeks trying to meet all the requirements and still fail, slowing down not only the appraisal process but the sale/purchase process in general. Veterans real estate agents are your best bet here. They can instantly tell whether or not a property will pass the appraisal.
Get help finding the right lender
As already mentioned, some lenders don’t bother teaching VA buyers about the benefits available to them. This could be a big opportunity missed for any veteran buyer, given that, among other things, VA loans come with lower interest rates, don’t require mortgage insurance, and have more forgiving credit requirements. Above all, VA-backed loans allow you to buy with 0% down!
You need a lender who’ll be willing to reveal and discuss all these details with you and even provide further advice on how to extract maximum value from your veteran status. Only experienced veterans real estate agents can recommend such lenders.
Can’t come for the viewing? No problem
Many veterans and especially active service members are unable to attend viewings for different reasons. In the case of active service members, for example, one never knows when they might be called in for duty. An agent specialized in real estate for service members understands all these and will likely have strategies in place to get the deal over the line no matter the circumstances. For instance, some agents occasionally use Skype to perform a walkthrough. Some also use video calls.
The same applies when selling. You don’t have to be physically present for the transaction to go through. As long as your house is in the hands of an experienced, military-friendly real estate agent, the process will be handled to your maximum benefit.
They understand the specific needs of veterans and service members
Finally, for many veterans, choosing a house goes beyond square footage, school district, and the number of bedrooms. Many veterans, for instance, have service-connected disabilities (the 2014 Census puts this number at 3.8 million). Others also have Posttraumatic Stress Disorder (PTSD). You may need a particular environment to live comfortably with any of these challenges.
Specialized veterans real estate agents consistently go out of their way to ensure that clients find the best homes possible where they can enjoy every single moment.
Try Transition Realty Today
Looking to save when buying or make even more money when selling? Try Transition Reality! In addition to the many veteran perks, military, police, and teachers get a 25% discount on real estate commissions when they use Transition’s services. That means 25% in savings when buying and 25% more returns when selling. On a $325,000 sale or purchase, this would translate to $10,000+ in savings or earnings! Contact us to learn more.
About Transition Realty
Transition Realty owner Steve Lehmeyer specializes in helping people manage real estate transactions in the Minneapolis/St. Paul area. His experience in the Minnesota real estate market spans 20 years. Steve and his team work with clients to buy & sell single family homes, townhouses, condos, lake homes, and investment property. Download a free home search app for your smartphone or search the MLS at TransitionRealty.com.