How long is VA appraisal tied to property?
The VA appraisal is typically valid for six months but can be extended for up to another six months if necessary. This means that the appraisal report remains tied to the property for a total of up to one year.
1. How long does it take to get a VA appraisal?
The time it takes to get a VA appraisal can vary depending on the backlog of appraisers in your area. On average, it can take anywhere from two to four weeks.
2. Can the appraisal be used for a different loan?
No, the VA appraisal is specifically tied to a VA loan and cannot be used for any other type of loan.
3. Can the VA appraisal be transferred to a new buyer?
Unfortunately, the VA appraisal cannot be transferred to a new buyer. Each buyer will need to get their own appraisal.
4. Can the seller pay for the VA appraisal?
While the buyer typically pays for the VA appraisal, in some cases, the seller may agree to cover the cost as part of the negotiation process.
5. Can the VA appraisal value change?
The VA appraisal value can change if new information is discovered that significantly impacts the property’s value. However, this is relatively rare.
6. Can I appeal the VA appraisal value?
If you believe the VA appraisal value is inaccurate, you can appeal the appraisal by providing additional evidence or requesting a reconsideration of value.
7. Can the VA appraisal expire?
Yes, the VA appraisal can expire after six months, meaning a new appraisal may be required if the loan process takes longer than anticipated.
8. Can I request a copy of the VA appraisal?
As the buyer, you have the right to request a copy of the VA appraisal report. This can help you understand how the appraiser determined the property’s value.
9. Can I challenge the VA appraiser’s qualifications?
If you have concerns about the VA appraiser’s qualifications, you can request information about their credentials from the VA or contact the appraisal management company.
10. Can the VA appraisal be used for a refinance?
Yes, the VA appraisal can be used for a VA refinance if it is still within the six-month validity period. Otherwise, a new appraisal may be required.
11. Can the VA appraisal affect the loan amount?
Yes, the VA appraisal can impact the loan amount if the appraised value is lower than the purchase price. In this case, the buyer may need to come up with additional funds to cover the difference.
12. Can I challenge the VA appraisal report?
If you believe there are errors in the VA appraisal report, you can challenge it by providing evidence to support your claim. The VA will review your challenge and make a determination.