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VA Loan Came back as Tidewater

Greetings,

Liking the protection of the Veteran so far under the VA Loan.

Sellers market, substantially offered an appraisal gap coverage on a 45 y.o. SFH we liked along with a competitive price, and contract was accepted.

Inspection was comprehensive showed substantial faults, safety issues plus a long list of lesser repairs and basically gives me the impression the sellers did zero maintaining since their purchase a few years ago.

Seller listed the house at over 26% more by square footage than we found out later, as recognized by the county tax assessor, so it’s kinda obvious the home did not appraise well.

VA Appraisal officially came back under appraisal. What are my options? We like the property, area etc. but are we OK to walk away due to the Tidewater condition, sellers dishonesty about the sq footage, and conditions noted by the inspection, or does the previous appraisal gap coverage have major bearing.

Will I need to go through the motions on negotiation with the seller (we pretty much want everything fixed or a hefty deduction) giving them a chance?

Seller does not seem to be in a position to make repairs—-trying to get outta town.

Since I am already out the home inspection and VA appraisal…

Have 2 K in earnest money I want to recover, what is the best strategy? Is it auto refund under Tidewater or are there further good faith measures I need to demonstrate to trigger that.

We are OK to take the house at a substantially reduced price bird in hand , or hit the market-bird looking for a in the bush, try our luck again.

submitted by /u/Cool_Needleworker_26
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/t2jcax/va_loan_came_back_as_tidewater/
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