How long does VA appraisal report take?
The VA appraisal report typically takes around 10-14 days to complete from the time the appraiser visits the property. However, the timeline can vary depending on various factors such as the complexity of the property, appraiser availability, and local market conditions.
1. What is a VA appraisal report?
A VA appraisal report is an assessment of a property’s value conducted by a VA-approved appraiser to determine the property’s worth for a VA loan.
2. Why is a VA appraisal report necessary?
A VA appraisal report is necessary to ensure that the property meets the VA’s minimum property requirements and is worth the amount being borrowed for the VA loan.
3. How does the VA appraisal report differ from a traditional appraisal?
While both VA and traditional appraisals assess a property’s value, VA appraisals also take into account the property’s compliance with VA minimum property requirements.
4. Who orders the VA appraisal report?
The lender is responsible for ordering the VA appraisal report as part of the VA loan process.
5. Can the borrower choose the VA appraiser?
No, the borrower cannot choose the VA appraiser. The VA assigns an appraiser to ensure impartiality and accuracy in the appraisal process.
6. How is the VA appraisal report used in the VA loan process?
The VA appraisal report helps determine the maximum loan amount the VA will guarantee based on the property’s value.
7. What factors can delay the VA appraisal report process?
Factors that can delay the VA appraisal report process include scheduling conflicts with the appraiser, property issues that require further inspection, and backlogs in appraisal orders.
8. Can the borrower expedite the VA appraisal report process?
While borrowers cannot directly expedite the VA appraisal report process, they can ensure the property is in good condition and address any known issues upfront to potentially speed up the appraisal timeline.
9. Are VA appraisals more stringent than traditional appraisals?
Yes, VA appraisals are typically more stringent as they not only assess the property’s value but also ensure it meets the VA’s minimum property requirements for health and safety.
10. What happens if the VA appraisal comes in lower than the purchase price?
If the VA appraisal comes in lower than the purchase price, the buyer may need to negotiate with the seller to lower the price, bring additional funds to cover the difference, or challenge the appraisal if they believe it was inaccurate.
11. Can the borrower be present during the VA appraisal?
While it is not required, borrowers can request to be present during the VA appraisal to provide any additional information about the property that may impact its value.
12. What happens if the property fails to meet VA minimum property requirements?
If the property fails to meet VA minimum property requirements, the lender may require repairs or corrections to be made before approving the loan, or the borrower may need to find a different property that meets the VA’s standards.