Interesting situation. VA loan with non-refundable earnest money?
I've got an interesting situation, looking for some creative contract terms and/or solutions. I purchased a house at auction. Subsequently I've received an offer from a buyer who wants to buy it as-is. The house is currently not financeable. It needs a little work to pass appraisal and underwriting - furnace repaired/replaced, few pieces of rotten trim, maybe a roof patch, septic pump per county requirements.
The basics of the offer: VA loan, buyer to do all necessary repairs themselves at no cost to me.
Issues I see and would like to address:
1. Earnest money. I would like to get some form of non-refundable earnest money in case this deal goes sideways. VA amendatory clause makes that difficult. Anyone know a way around that in this situation?
2. Anti-Flipping regs. Normally not an issue but in this case proposed closing date would be less than 90 days and I will be unable to document repairs.
Other pitfalls I'm missing?