[Federal Register Volume 61, Number 128 (Tuesday, July 2, 1996)]
[Notices]
[Page 34501]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-16781]


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DEPARTMENT OF VETERANS AFFAIRS

Agency Information Collection Activities: Proposed Collection; 
Comment Request

AGENCY: Veterans Benefits Administration, Department of Veterans 
Affairs.

ACTION: Notice.

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SUMMARY: As part of its continuing effort to reduce paperwork and 
respondent burden, the Veterans Benefits Administration (VBA) invites 
the general public and other Federal agencies to comment on this 
information collection. This request for comment is being made pursuant 
to the Paperwork Reduction Act of 1995 (Public Law 104-13; 44 U.S.C. 
3506(c)(2)(A)). Comments should address the accuracy of the burden 
estimates and ways to minimize the burden including the use of 
automated collection techniques or the use of other forms of 
information technology, as well as other relevant aspects of the 
information collection.

DATES: Written comments and recommendations on the proposal for the 
collection of information should be received by no later than September 
3, 1996.

ADDRESSES: Direct all written comments to Nancy J. Kessinger, Veterans 
Benefits Administration (20M30), Department of Veterans Affairs, 810 
Vermont Avenue, NW., Washington, DC 20420. All comments will become a 
matter of public record and will be summarized in the VBA request for 
Office of Management and Budget (OMB) approval. In this document the 
VBA is soliciting comments concerning the following information 
collection:
    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 (Virginial), 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.
    Current Actions: Under the authority of Title 38 U.S.C 3720(a) (5) 
and (6), VA acquires properties for sale to the general public 
utilizing the services of private real estate brokers.
    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.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form should be directed to Department of Veterans 
Affairs, Attn: Jacquie McCray, Information Management Service (045A4), 
810 Vermont Avenue, NW., Washington, DC 20420, Telephone (202) 273-8032 
or FAX (202) 273-5981.

    Dated: June 24, 1996.

    By direction of the Secretary.
William T. Morgan,
Management Analyst.
[FR Doc. 96-16781 Filed 7-1-96; 8:45 am]
BILLING CODE 8320-01-P