How long to close after VA appraisal?
The time it takes to close after a VA appraisal can vary depending on various factors. However, on average, it takes about 30-45 days to close after a VA appraisal has been completed. This timeframe includes the time needed for the lender to review the appraisal report and finalize the loan.
1. What factors can affect the time it takes to close after a VA appraisal?
Several factors can impact the timeline for closing after a VA appraisal. These factors include the lender’s processing speed, the seller’s cooperation, the buyer’s financial situation, and any potential issues that arise during the underwriting process.
2. Can the time to close after a VA appraisal be expedited?
While it is possible to expedite the closing process after a VA appraisal, it is important to remember that certain steps, such as underwriting and loan approval, cannot be rushed. However, staying proactive and organized can help speed up the overall timeline.
3. What if the VA appraisal comes in lower than the agreed-upon purchase price?
If the VA appraisal comes in lower than the agreed-upon purchase price, it can potentially delay the closing process. The buyer and seller will need to negotiate a new purchase price, and the lender will need to review and approve the changes, which can add extra time to the closing process.
4. What happens if there are repairs required after the VA appraisal?
If repairs are required after the VA appraisal, the closing process may be delayed until the repairs are completed. The lender will need to verify that the necessary repairs have been made before finalizing the loan and closing the transaction.
5. Can the appraisal report be contested or challenged?
In some cases, the appraisal report can be contested or challenged if there are errors or inaccuracies that may have affected the appraised value. However, challenging an appraisal report can prolong the closing process, so it is important to weigh the potential benefits against the added time and effort.
6. What if the VA appraisal is higher than the purchase price?
If the VA appraisal comes in higher than the purchase price, it can be a positive development for the buyer. However, the lender will still base the loan amount on the lower of the purchase price or appraised value, so the buyer may not necessarily benefit from the higher appraisal value in terms of financing.
7. How does the VA appraisal impact the loan approval process?
The VA appraisal is an important factor in the loan approval process, as it helps determine the property’s value and the amount of the loan the lender is willing to provide. If the VA appraisal comes in lower than expected, it can affect the loan approval and potentially delay the closing process.
8. Who is responsible for scheduling and completing the VA appraisal?
The lender is typically responsible for scheduling and completing the VA appraisal, as it is a required step in the loan approval process. The appraisal is conducted by a licensed appraiser who evaluates the property and determines its fair market value.
9. What is the purpose of the VA appraisal?
The VA appraisal is conducted to ensure that the property meets the minimum property requirements set by the Department of Veterans Affairs, as well as to establish the fair market value of the property. The VA appraisal helps protect both the buyer and the lender by ensuring that the property is worth the purchase price.
10. Can the buyer choose their own appraiser for the VA appraisal?
No, the buyer cannot choose their own appraiser for the VA appraisal. The appraiser must be selected by the lender from a pre-approved list of VA appraisers to ensure impartiality and compliance with VA guidelines.
11. Can the VA appraisal be used for other types of loans?
The VA appraisal is specifically tailored for VA loans and may not be transferable to other types of loans. Each type of loan may have its own appraisal requirements and guidelines that must be followed for loan approval.
12. What should buyers be aware of during the VA appraisal process?
Buyers should be aware that the VA appraisal is not a home inspection, and it is meant to determine the property’s value and compliance with VA standards. Buyers should also be prepared for the possibility of delays or complications that may arise during the VA appraisal process and impact the closing timeline.