Be A VA Expert Realtor To Better Serve Our Veterans: Elaine Morgin

In a volatile housing market, what unique strategies can military families employ to ensure stable and affordable housing, considering the limitations of BAH and frequent moves?

This episode features Elaine Morgin, a distinguished real estate agent in the Greater Jacksonville area, specializing in military relocations and VA loans. Elaine, a military spouse with over 15 years of residence in Florida, has a deeply personal connection to her work in real estate. Her role as an Accredited Military Relocation Professional has led to her successfully assisting nearly 100 families in three years and she is dedicated to providing comfort and confidence to her clients, embodying her commitment to outstanding service in the real estate industry.

Elaine discusses the unique challenges that military families face in housing, particularly regarding VA loans and the impact of market fluctuations on relocation. She shares valuable insights from her experience as a military spouse, highlighting the difficulties in securing affordable housing and employment for military spouses, and navigating the rental market. She also dispels common myths about VA loans, emphasizing their benefits and the need for more awareness and understanding among real estate agents. The discussion extends to current market trends, strategies for military families in real estate, and the potential for investment in properties near military bases. Elaine's expertise and personal experience create a rich conversation, shedding light on the complexities of real estate transactions for military personnel and their families.

If you’re involved or interested in military relocations and the dynamics of the housing market under such unique circumstances, this episode is for you!

[00:00 - 17:42] The Real Estate Challenges of Military Families

• BAH adjustments have not sufficiently matched the cost of living increases for military families

• Employment challenges for military spouses exacerbate the financial strain

• Military families often need to make significant housing decisions based on their BAH

• The gap between BAH and actual housing costs puts additional financial pressure on these families

• Military families face challenges in securing on-base housing, often resulting in long waitlists

• The process of relocating, especially from overseas, can be complex and stressful for military families

• VA loans are a vital resource for military families, offering financial stability and adaptability in various market conditions

[17:43 - 35:21] Navigating the Market: Buying and Budgeting Tactics

• Military families often face tighter budgets, impacting their housing affordability and options

• In a competitive market, agents encourage clients to initiate conversations and negotiations, regardless of offer differences

• Current real estate trends show a decrease in multiple offers, with buyers needing to be strategic in their bidding

• For military families, buying in the right area and considering rental potential is crucial for long-term financial planning

• Elaine emphasizes the importance of setting realistic expectations for buyers in the negotiation process

• Flexibility in terms and understanding market dynamics are key in successfully securing a home, especially for VA buyers

• Military families often face significant stress and challenges due to limited housing inventory and high demand in preferred locations

• Effective communication and managing expectations are crucial for real estate agents working with military families in competitive housing markets

[35:22 - 1:00:58] The Reality of VA Appraisals: What Sellers Need to Know

• Appraisers and inspectors have specific guidelines to ensure the safety and sanitary conditions of homes

• Misconceptions about VA inspections being overly stringent are outdated and not reflective of the current process

• VA loans require a clear Wood Destroying Organism (WDO) report, which is a standard practice in states like Florida due to termite prevalence

• Sellers should not dismiss VA offers based on unfounded fears about the inspection and appraisal process

• VA appraisers focus on visible safety issues, such as uncovered plugs or handrails, rather than in-depth structural analysis

• The appraisal process is similar across VA, FHA, and conventional loans, with appraisers following their specific guidelines

• Real estate agents play a crucial role in educating both buyers and sellers about the realities of the VA loan process

• The VA appraisal process is rigorous yet fair, aimed at protecting the buyer without unnecessarily complicating the sale

• VA loans are often misconceived as an option only for buyers without substantial savings, overlooking their favorable interest rates and financing benefits

• The real estate market, including VA loans, requires agents to be adept at negotiation, understanding market trends, and managing client expectations

[1:00:59 - 1:08:27] Investing in Military Housing: Opportunities and Insights

• Investing in real estate near military bases, like Mayport, can be a solid long-term investment due to the consistent demand for housing from military personnel

• Military renters are reliable tenants as their housing allowance (BAH) ensures steady rental income, and they face serious career repercussions for non-payment

• Property investors should consider the unique needs and lifestyles of military families, such as proximity to bases and suitable housing sizes like three-bedroom homes

• Military families can leverage real estate investments for financial growth, using tools like homestead laws and VA loan benefits to their advantage

[01:08:28 - 01:20:23] Making the Most of VA Loan Benefits: Assumption and Entitlements

• Loan assumptions can be a lengthy process, taking up to 120 days, and often require additional financial considerations, such as the difference between the owed amount and the market value

• For VA loan holders, transferring a loan to another VA-eligible buyer allows them to regain their entitlements, but this is not possible when transferring to a civilian buyer

• When considering a VA loan assumption, it's crucial to work with a knowledgeable real estate agent who can evaluate the situation and determine if it makes financial sense

• The current housing market offers various opportunities, including renovation loans and investing in properties near military bases, which can be particularly beneficial for long-term financial growth

Quotes:

"Anytime that I'm starting an offer it's, ‘Hey, guys, what do you want your offer to look like?’ Obviously, they're always going to say, ‘What is your opinion?’ That's not my offer. It's your offer. You need to tell me what you want.” – Elaine Morgin

"What am I doing to keep them from being stressed? Trust the process." – Elaine Morgin

“People don't realize how easy it is to just get a VA loan.” – Elaine Morgin

“If nobody's coming into your house and looking at your house every week, at least once, twice, you need to readjust. If you've been on the market for 84 days and you haven't had a showing, you need to reposition.” – Elaine Morgin

To contact Elain Morgin, learn more about her business, and make her a part of your network, make sure to follow him on Facebook and check out her page at Coldwell Banker.

https://www.facebook.com/elaine.morgin 

https://www.coldwellbanker.com/fl/fleming-island/agents/elaine-morgin/aid-P00200000FDdqtCBeOOk8CiWFhwIW4TT2uHyyAU4 

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