How long does a VA appraisal stay in place?
The VA appraisal remains valid for six months from the date of the appraisal report. This means that the appraisal stays in place for six months once it has been completed.
FAQs:
1. Can a VA appraisal be extended?
Yes, a VA appraisal can be extended for an additional 30 days, but an additional fee may apply.
2. Can I reuse a previous VA appraisal?
Unfortunately, VA appraisals cannot be reused if they are over six months old.
3. Can a VA appraisal be transferred to a new buyer?
No, a VA appraisal is specific to the buyer and property for which it was conducted.
4. What happens if the VA appraisal expires?
If the VA appraisal expires before the loan is closed, a new appraisal will need to be conducted.
5. Can I request a copy of the VA appraisal?
Yes, you can request a copy of the VA appraisal from the lender or appraiser for a fee.
6. What factors are considered during a VA appraisal?
During a VA appraisal, factors such as the condition of the property, comparable sales in the area, and any upgrades or repairs are taken into consideration.
7. Can a VA appraisal affect the amount of the loan?
Yes, the VA appraisal can impact the maximum loan amount that a veteran can receive based on the appraised value of the property.
8. Will the VA appraisal include an inspection of the property?
No, a VA appraisal is not the same as a home inspection and does not include a detailed inspection of the property.
9. Can I challenge the results of a VA appraisal?
Yes, if you believe that the VA appraisal is inaccurate, you can request a reconsideration of value from the VA.
10. Does the VA appraisal guarantee that the property is in good condition?
No, the VA appraisal only determines the value of the property and does not guarantee the condition of the property.
11. Does the VA appraisal include an assessment of the property’s compliance with zoning laws?
No, the VA appraisal does not typically include an assessment of the property’s compliance with zoning laws.
12. Can the seller request a copy of the VA appraisal?
No, the seller is not entitled to a copy of the VA appraisal as it is the property of the buyer and their lender.