How do you initiate Tidewater VA appraisal?
When initiating a Tidewater VA appraisal, the first step is usually taken by the lender. They will request an appraisal from an approved VA appraiser, who will then contact the homeowner to schedule a convenient time for the appraisal to take place.
1. What is a Tidewater VA appraisal?
A Tidewater VA appraisal is a specific type of appraisal required by the Department of Veterans Affairs for VA-guaranteed loans. It is used to ensure that the property being financed meets the VA’s minimum property requirements.
2. Who pays for the Tidewater VA appraisal?
The borrower is typically responsible for paying for the Tidewater VA appraisal. However, in some cases, the lender may cover the cost as part of their services to the borrower.
3. How long does a Tidewater VA appraisal take?
The time it takes to complete a Tidewater VA appraisal can vary depending on factors such as the availability of the homeowner and the complexity of the property. On average, it can take anywhere from a few days to a few weeks.
4. What should I do to prepare for a Tidewater VA appraisal?
To prepare for a Tidewater VA appraisal, make sure the property is clean, clutter-free, and accessible to the appraiser. Provide any relevant documentation about recent renovations or upgrades to the property.
5. What happens if the Tidewater VA appraisal comes in lower than expected?
If the Tidewater VA appraisal comes in lower than expected, the lender may require the borrower to make up the difference in cash or negotiate with the seller to lower the purchase price.
6. Can I choose the appraiser for a Tidewater VA appraisal?
No, borrowers are not allowed to choose the appraiser for a Tidewater VA appraisal. The appraiser must be selected by the lender from a list of approved VA appraisers.
7. What factors does a Tidewater VA appraiser consider when valuing a property?
A Tidewater VA appraiser considers factors such as the property’s location, size, condition, and recent sales of comparable properties in the area when valuing a property.
8. Are there any restrictions on the types of properties that can undergo a Tidewater VA appraisal?
Yes, Tidewater VA appraisals are typically only required for properties that will be financed with a VA-guaranteed loan. However, certain types of properties, such as fixer-uppers or properties with major structural issues, may not qualify for a Tidewater VA appraisal.
9. Can I appeal the results of a Tidewater VA appraisal?
Yes, borrowers have the right to appeal the results of a Tidewater VA appraisal if they believe there are errors or inaccuracies in the appraiser’s valuation of the property. This process typically involves submitting additional documentation or requesting a reevaluation of the property.
10. What happens if the Tidewater VA appraisal is higher than expected?
If the Tidewater VA appraisal comes in higher than expected, it can have positive implications for the borrower. A higher appraisal value may allow the borrower to secure a lower interest rate on their VA-guaranteed loan or avoid having to pay for private mortgage insurance.
11. Can I use a recent appraisal from a different lender for a Tidewater VA appraisal?
No, a Tidewater VA appraisal must be conducted by an approved VA appraiser specifically for the VA-guaranteed loan being applied for. A recent appraisal from a different lender cannot be used in place of a Tidewater VA appraisal.
12. What happens if the Tidewater VA appraisal is significantly lower than the purchase price?
If the Tidewater VA appraisal comes in significantly lower than the purchase price, the lender may refuse to approve the loan at the agreed-upon amount. In this case, the borrower may need to renegotiate with the seller or come up with additional funds to cover the difference.