[Federal Register Volume 61, Number 251 (Monday, December 30, 1996)]
[Notices]
[Page 68820]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-33078]
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DEPARTMENT OF VETERANS AFFAIRS
Agency Information Collection: Submission for OMB Review; Comment
Request
AGENCY: Veterans Benefits Administration, Department of Veterans
Affairs.
ACTION: Notice.
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SUMMARY: The Veterans Benefits Administration (VBA), Department of
Veterans Affairs, has submitted to the Office of Management and Budget
(OMB) the following proposal for the collection of information under
the provisions of the Paperwork Reduction Act (44 U.S.C. Chapter 35).
OMB Control Number: 2900-0029.
Titles and Form Numbers:
a. Offer to Purchase and Contract of Sale, VA Form 26-6705.
b. Credit Statement of Prospective Purchaser, VA Form 26-6705b.
c. Addendum to VA Form 26-6705, VA Form 26-6705c.
d. Addendum to VA Form 26-6705 (Virginia), VA Form 26-6705d
Type of Review: Revision of a currently approved collection.
Needs and Uses:
a. VA Form 26-6705 is used by the private sector sales broker to
submit an offer to the VA on behalf of a prospective purchaser of a VA-
acquired property. The form will be prepared for each proposed contract
submitted to the VA. If the VA accepts the offer to purchase, it then
becomes a contract of sale. The form defines the terms of sale,
provides the prospective purchaser with a receipt for his/her earnest
money deposit, eliminates the need for separate transmittal of a
purchase offer and develops the contract without such intermediate
processing steps and furnishes evidence of the station decision with
respect to the acceptance of the contract as tendered. Without this
information, a determination of the best offer for a property cannot be
made.
b. VA Form 26-6705b is used as a credit application to determine
the creditworthiness of a prospective purchaser in those instances when
the prospective purchaser seeks the VA vendee financing, along with VA
Form 26-6705. In such sales, the offer to purchase will not be accepted
until the purchaser's income and credit history have been verified and
a loan analysis has been completed, indicating loan approval. Without
this information, the creditworthiness of a prospective purchaser
cannot be determined and the offer to purchase cannot be accepted.
c. VA Form 26-6705c, using the ``highest net return/cash equivalent
value'' (EWCEV) procedure, is intended to simplify the selection
process among competing offers and ensure that the offer selected
provides the greatest value to the VA. The procedure requires one or
more calculations on each offer in order to convert it to a ``net to
VA'' basis which can easily be compared to other offers, and thus
enable the VA to be sure that the highest real dollar offer is
accepted. The sole purpose of the HNR/CEV is to determine which offer
is the most financially advantageous to the VA and in turn, the
taxpayers. This procedure is very similar to the calculation prepared
on most private sector transactions in order to show the seller what he
or she will receive as proceeds of sale.
d. VA Form 26-6705d is an addendum to VA Form 26-6705 for use in
Virginia. It includes requirements of State law which must be
acknowledged by the purchaser at or prior to closing. A few minor
revisions were made to the form and caused no change in burden hours.
Affected Public: Individuals or households.
Estimated Annual Burden: 64,583 hours.
a. VA Form 26-7605-33,333 hours.
b. VA Form 26-6705b-33,500 hours.
c. VA Form 26-6705c-8,333 hours.
d. VA Form 26-6705d-417 hours.
Estimated Average Burden Per Respondent: 14 minutes (average).
a. VA Form 26-7605-20 minutes.
b. VA Form 26-6705b-20 minutes.
c. VA Form 26-6705c-5 minutes.
d. VA Form 26-6705d-5 minutes.
Frequency of Response: Generally one-time.
Estimated Number of Total Respondents: 272,500.
a. VA Form 26-7605--100,000.
b. VA Form 26-6705b--67,500.
c. VA Form 26-6705c--100,000.
d. VA Form 26-6705d--5,000.
ADDRESSES: A copy of this submission may be obtained from Ron Taylor,
VA Clearance Officer (045A4), Department of Veterans Affairs, 8l0
Vermont Avenue, NW, Washington, DC 20420, (202) 273-8015.
Comments and recommendations concerning this submission should be
directed to VA's OMB Desk Officer, Allison Eydt, OMB Human Resources
and Housing Branch, New Executive Office Building, Room 10235,
Washington, DC 20503, (202) 395-4650. DO NOT send requests for benefits
to this address.
DATES: Comments on the information collection should be directed to the
OMB Desk Officer within 30 days of this notice.
FOR FURTHER INFORMATION CONTACT: Ron Taylor, VA Clearance Officer
(045A4), (202) 273-8015.
Dated: December 16, 1996.
By direction of the Secretary.
Donald L. Neilson,
Director, Information Management Service.
[FR Doc. 96-33078 Filed 12-27-96; 8:45 am]
BILLING CODE 8320-01-P
