How long to get VA appraisal report back?

The process of buying a home using a VA loan involves several steps, one of which is getting an appraisal to determine the fair market value of the property. The question on every veteran’s mind is, how long does it take to get the VA appraisal report back?

The typical turnaround time for a VA appraisal report is 10 days. However, this timeframe can vary depending on a variety of factors, including the complexity of the property, the appraiser’s availability, and any potential delays in communication between parties involved in the appraisal process.

FAQs

1. What factors can affect the turnaround time for a VA appraisal report?

Various factors can impact how quickly you receive your VA appraisal report, including the complexity of the property, the appraiser’s workload, and any delays in scheduling necessary inspections.

2. Can I expedite the VA appraisal process?

While it is possible to request an expedited appraisal, it may come with additional fees and is subject to the availability of appraisers in your area.

3. What happens if the VA appraisal report comes back lower than the purchase price?

If the VA appraisal report comes back lower than the purchase price, you may need to negotiate with the seller to lower the price, pay the difference out of pocket, or walk away from the deal.

4. Can I choose my own appraiser for a VA appraisal?

No, the VA selects the appraiser for your VA appraisal to ensure impartiality and accuracy in the valuation of the property.

5. What information is included in the VA appraisal report?

The VA appraisal report includes details about the property’s condition, comparable sales in the area, and an estimate of the property’s value based on the appraiser’s analysis.

6. Can I dispute the findings of a VA appraisal report?

If you believe there are errors in the VA appraisal report, you can request a reconsideration of value and provide additional evidence to support your claim.

7. How does the VA appraisal process differ from a traditional appraisal?

The VA appraisal process is similar to a traditional appraisal but includes additional requirements to ensure the property meets the VA’s minimum property requirements for financing.

8. Can I waive the VA appraisal requirement?

No, the VA appraisal is a required step in the VA loan process to protect both the buyer and the lender.

9. Do I have to be present during the VA appraisal?

While it is not required for you to be present during the VA appraisal, it can be helpful to provide additional information about the property to the appraiser.

10. Can I request a copy of the VA appraisal report?

Yes, as the borrower, you are entitled to a copy of the VA appraisal report once it has been completed.

11. Can I use a recent appraisal for a VA loan?

You may be able to use a recent appraisal for a VA loan if it meets certain criteria, such as being completed within a specific timeframe and being approved by the VA.

12. What happens if the VA appraisal report is higher than the purchase price?

If the VA appraisal report comes back higher than the purchase price, it can benefit you as the buyer by providing equity in the property from the start.

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