Answer: On average, VA appraisals take around 10-14 days to complete from the time of order placement.
When applying for a VA loan, one crucial step in the process is getting an appraisal of the property you intend to purchase or refinance. The VA appraisal ensures that the property meets the VA’s minimum property requirements and determines its fair market value. But how long does it typically take for a VA appraisal to be completed? Let’s take a closer look at the timeline for VA appraisals and what factors can impact the turnaround time.
1. What factors can affect the timeline for VA appraisals?
The timeline for VA appraisals can be influenced by various factors, including the appraiser’s workload, the complexity of the property being appraised, and any issues that may arise during the appraisal process.
2. How does the appraiser’s workload impact the timeline for VA appraisals?
If the appraiser assigned to your appraisal has a heavy workload, it may take longer for them to schedule and complete your appraisal.
3. Does the complexity of the property being appraised affect the timeline?
Yes, properties with unique features or issues may require more time for the appraiser to thoroughly assess and determine the property’s value.
4. Are there any issues that can cause delays in the appraisal process?
Yes, issues such as missing or incomplete documentation, repairs needed on the property, or a high volume of appraisal orders can cause delays in the appraisal process.
5. Can I expedite the appraisal process if needed?
While you can request an expedited appraisal in certain circumstances, such as a tight closing deadline, there may be additional costs associated with expedited services.
6. What is the typical timeline for completing a VA appraisal?
On average, VA appraisals take around 10-14 days to complete from the time of order placement.
7. Does the VA appraisal timeline vary depending on the lender?
While the timeline for VA appraisals is generally consistent, some lenders may have specific requirements or processes that can impact the appraisal timeline.
8. Can I track the progress of my VA appraisal?
Yes, you can typically track the progress of your VA appraisal through your lender or appraisal management company.
9. What happens if the property does not meet VA’s minimum property requirements?
If the property does not meet the VA’s minimum property requirements, additional steps may need to be taken to address any issues before the loan can proceed.
10. How does the VA appraisal impact the loan approval process?
The VA appraisal is a critical component of the loan approval process, as it helps determine the property’s value and ensures it meets the VA’s standards for financing.
11. Can I choose the appraiser for my VA appraisal?
No, the appraiser for your VA appraisal is typically assigned by the lender or an appraisal management company to ensure impartiality and compliance with VA guidelines.
12. Are VA appraisals different from conventional appraisals?
While the basic principles of appraising a property remain the same, VA appraisals have specific requirements and guidelines that appraisers must adhere to when evaluating a property for a VA loan.