[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