Sellers

A seller is required to disclose in the 2-T contract a number of things including how long they have owned the property, any owner's association dues, and the presence of a fuel tank.

Accepting a VA buyer has the potential to add additional seller costs and reduces the buyer's risks of forfeiting their earnest money deposit (EMD) should the appraisal value of the property be lower than the agreed upon purchase price. An FHA buyer is able to terminate the contract and receive a refund of their EMD should an FHA appraisal come in lower than the property's sales price.