How long does a VA appraisal stay with the property?
The answer to this question is that a VA appraisal stays with the property for six months. This means that if a new buyer purchases the property within six months of the original appraisal, the appraisal can be used for the new loan.
Related FAQs:
1. Can a VA appraisal be transferred to a new buyer?
Yes, a VA appraisal can be transferred to a new buyer within six months of the original appraisal.
2. Can a new appraisal be ordered if the original VA appraisal is still valid?
In most cases, a new appraisal does not need to be ordered if the original VA appraisal is still valid within the six-month timeframe.
3. What happens if the six-month timeframe expires before a new buyer can purchase the property?
If the six-month timeframe expires before a new buyer can purchase the property, a new appraisal will need to be ordered.
4. Can a VA appraisal be used for a refinance loan?
Yes, a VA appraisal can be used for a refinance loan as long as it is still valid within the six-month timeframe.
5. What happens if a new buyer wants to purchase the property after the six-month timeframe has expired?
If a new buyer wants to purchase the property after the six-month timeframe has expired, a new appraisal will need to be ordered.
6. Can a VA appraisal affect the listing price of a property?
A VA appraisal can affect the listing price of a property if it comes in lower than the agreed-upon price between the buyer and seller.
7. How long does it take to get a VA appraisal?
The time it takes to get a VA appraisal can vary, but typically it takes 10-14 days.
8. What factors does a VA appraiser consider when evaluating a property?
A VA appraiser considers factors such as the property’s condition, location, size, and comparable sales in the area.
9. Can a borrower choose their own VA appraiser?
Borrowers cannot choose their own VA appraiser; the appraiser is assigned by the VA.
10. What happens if a property does not appraise for the agreed-upon price?
If a property does not appraise for the agreed-upon price, the buyer and seller may need to renegotiate the terms of the sale.
11. Can a VA appraisal be used for a conventional loan?
A VA appraisal cannot be used for a conventional loan; a new appraisal will need to be ordered.
12. Can a seller challenge the results of a VA appraisal?
A seller can challenge the results of a VA appraisal by providing additional information or evidence to support their case, but it is ultimately up to the appraiser to make a final decision.