How long does a VA appraisal take to come back?

How long does a VA appraisal take to come back?

The process of obtaining a VA appraisal can be a crucial step in the home buying process for those utilizing their benefits. But how long does it typically take for a VA appraisal to come back? The answer is **typically around 10-14 days**.

There are several factors that can affect the timeline of a VA appraisal, such as the availability of appraisers in your area, the complexity of the property being appraised, and any potential issues that may arise during the inspection. In some cases, the appraisal may come back sooner or later than the average timeframe, so it’s important to stay in communication with your lender and real estate agent throughout the process.

FAQs about VA appraisals:

1. What is a VA appraisal?

A VA appraisal is a valuation of a property that is required by the Department of Veterans Affairs for any home purchased using a VA loan.

2. Why do I need a VA appraisal?

The VA appraisal helps ensure that the property being purchased meets the VA’s minimum property requirements and is worth the amount being financed.

3. Who orders the VA appraisal?

The lender is responsible for ordering the VA appraisal as part of the loan approval process.

4. How much does a VA appraisal cost?

The cost of a VA appraisal varies depending on the location of the property and the complexity of the appraisal, but it typically ranges from $450 to $750.

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

No, the lender is responsible for selecting a VA-approved appraiser to conduct the appraisal.

6. What factors are considered during a VA appraisal?

During a VA appraisal, the appraiser will consider factors such as the property’s condition, size, location, and comparable sales in the area.

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

If the VA appraisal comes back lower than the purchase price, the buyer may need to negotiate with the seller to lower the price or come up with the difference in cash.

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

If you believe there were errors in the VA appraisal, you may be able to appeal the results by providing additional information or requesting a review of the appraisal.

9. How long is a VA appraisal valid for?

A VA appraisal is typically valid for up to six months, but the lender may require a new appraisal if the original expires before the closing date.

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

Yes, as the buyer, you have the right to request a copy of the VA appraisal report from the lender.

11. What can I do to prepare for a VA appraisal?

To prepare for a VA appraisal, it’s helpful to make sure the property is clean and well-maintained, provide any documentation requested by the appraiser, and be available to answer any questions about the property.

12. Are there any special requirements for VA appraisals on older homes?

For older homes, the VA may require additional inspections or documentation to ensure that the property meets their standards for safety and livability.

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