How to Check VA Appraisal Status?
If you’re in the process of buying a home with a VA loan, you may be curious about the status of your VA appraisal. Fortunately, checking the VA appraisal status is a straightforward process. Here’s how you can do it:
1. **Go to the VA loan portal:** The first step in checking your VA appraisal status is to log in to the VA loan portal. This portal allows you to access vital information about your VA loan application, including the status of your appraisal.
2. **Navigate to the appraisal section:** Once you’re logged in to the VA loan portal, navigate to the section that provides information about your appraisal. Here, you’ll be able to see details such as the date the appraisal was ordered, the scheduled appraisal date, and the current status of the appraisal.
3. **Contact your lender:** If you’re unable to access the VA loan portal or if you have any questions about the status of your VA appraisal, don’t hesitate to reach out to your lender. They should be able to provide you with the most up-to-date information and address any concerns you may have.
Checking the status of your VA appraisal is a crucial step in the home buying process, as it can influence the timeline of your loan approval. By following these steps, you can stay informed about the progress of your VA loan application and ensure a smooth closing process.
FAQs
1. When should I expect the results of my VA appraisal?
You should typically receive the results of your VA appraisal within a few days to a week after the appraisal has been conducted.
2. What factors can influence the timeline of my VA appraisal?
Factors such as the availability of the appraiser, the complexity of the property, and any issues that arise during the appraisal process can affect the timeline of your VA appraisal.
3. Can I request an expedited appraisal for my VA loan?
In some cases, you may be able to request an expedited appraisal for your VA loan. However, this will depend on the availability of appraisers in your area and your lender’s policies.
4. What happens if the VA appraisal comes in lower than the purchase price?
If the VA appraisal comes in lower than the purchase price, you may need to renegotiate the terms of the sale with the seller or make up the difference in cash.
5. Is the VA appraisal different from a traditional home appraisal?
While there are some similarities between a VA appraisal and a traditional home appraisal, the VA appraisal includes specific requirements set by the Department of Veterans Affairs.
6. Can I appeal the results of my VA appraisal?
If you believe there was an error in the VA appraisal, you may be able to appeal the results. Contact your lender for more information on the appeals process.
7. Will I receive a copy of the VA appraisal report?
Yes, you should receive a copy of the VA appraisal report once it has been completed. This report will include details about the appraiser’s findings and the value of the property.
8. How much does a VA appraisal cost?
The cost of a VA appraisal varies depending on the location of the property and other factors. This cost is typically included in the closing costs of your VA loan.
9. Can I choose the appraiser for my VA appraisal?
No, the appraiser for your VA appraisal will be selected by a third-party appraisal management company to ensure impartiality and compliance with VA guidelines.
10. What happens if the VA appraisal determines that repairs are needed?
If the VA appraisal determines that repairs are needed on the property, the seller may be required to complete the repairs before the loan can be approved.
11. How long is the VA appraisal valid for?
The VA appraisal is typically valid for up to six months. If the appraisal expires before your loan closes, you may need to have a new appraisal conducted.
12. Can I request a copy of the VA appraisal before the closing?
Yes, you have the right to request a copy of the VA appraisal before the closing. Reviewing the appraisal report can help you better understand the value of the property and any potential issues that may arise.