How do you order a VA appraisal?

When using a VA loan to purchase a home, ordering a VA appraisal is a crucial step in the process. A VA appraisal determines the value of the property and ensures that it meets the VA’s minimum property requirements. Here is a step-by-step guide on how to order a VA appraisal.

How do you order a VA appraisal?

The first step to order a VA appraisal is to contact a VA-approved appraiser or lender. They will initiate the process and schedule a time for the appraisal to take place.

Related FAQs:

1. Can I choose any appraiser for a VA appraisal?

No. The VA has a list of approved appraisers that must be used for VA appraisals.

2. How long does it take to complete a VA appraisal?

The timeframe for completing a VA appraisal can vary, but it typically takes around 10-14 days.

3. Do I have to pay for a VA appraisal?

Yes, the borrower is responsible for paying for the VA appraisal. The cost can vary depending on the location of the property.

4. What does a VA appraiser look for during an appraisal?

A VA appraiser will look at the condition of the property, comparable sales in the area, and any issues that may affect the property’s value or safety.

5. Can a VA appraisal be waived?

In some cases, a VA appraisal waiver may be issued, but this is typically reserved for streamlined refinances or certain property types.

6. Can I appeal the results of a VA appraisal?

If you disagree with the results of a VA appraisal, you can request a reconsideration of value or provide additional information to support your case.

7. Can I use a recent appraisal from another lender for a VA loan?

No, a new VA appraisal must be ordered specifically for the VA loan application.

8. Can I request specific repairs be made based on the VA appraisal?

Yes, if the VA appraiser identifies certain repairs that are required, the seller or borrower may need to address those issues before the loan can be approved.

9. Who receives a copy of the VA appraisal report?

The lender, borrower, and VA all receive a copy of the VA appraisal report.

10. How does a VA appraisal differ from a conventional appraisal?

A VA appraisal is more thorough than a conventional appraisal and focuses on additional requirements set by the VA, such as safety and livability standards.

11. Can the borrower be present during the VA appraisal?

It is not necessary for the borrower to be present during the VA appraisal, as the appraiser will schedule a time to visit the property on their own.

12. What happens if the property does not meet VA appraisal requirements?

If the property does not meet VA appraisal requirements, the borrower may need to address any issues identified in the appraisal before the loan can proceed.

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