What happens if I donʼt take the VA appraisal?

Answer:

If you don’t take the VA appraisal, you will not be able to secure a VA home loan.

When applying for a VA home loan, a crucial step in the process is the VA appraisal. This appraisal is necessary to determine the fair market value of the property being purchased. If a borrower decides not to proceed with the VA appraisal, it can have significant implications on their ability to secure the loan.

FAQs:

1. Can I use a private appraisal instead of a VA appraisal for a VA loan?

Yes, a private appraisal can be used for a VA loan, but it must meet the VA’s requirements for appraisals.

2. Who pays for the VA appraisal?

The borrower typically pays for the VA appraisal as part of their closing costs.

3. How long is a VA appraisal good for?

A VA appraisal typically remains valid for up to six months.

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

Yes, borrowers have the right to appeal the results of a VA appraisal if they believe there are inaccuracies in the appraisal report.

5. Do I have to agree with the VA appraisal value?

While you do not have to agree with the VA appraisal value, the lender will use the appraised value to determine the loan amount.

6. What if the VA appraisal comes in lower than the purchase price?

If the VA appraisal comes in lower than the purchase price, the borrower may need to renegotiate the purchase price with the seller or come up with additional funds to cover the difference.

7. Can I waive the VA appraisal if the seller provides their own appraisal?

The VA typically requires a separate appraisal conducted by a VA-approved appraiser, so a seller-provided appraisal may not be sufficient for a VA loan.

8. Can I use a recent appraisal for a different loan for a VA loan?

A recent appraisal from another loan application may not be used for a VA loan, as the VA requires a specific appraisal process for their loans.

9. Will the VA appraisal include a home inspection?

A VA appraisal is not a substitute for a home inspection. Borrowers are still encouraged to have a separate home inspection conducted.

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

Borrowers have the right to receive a copy of the VA appraisal report upon request.

11. What factors does a VA appraiser consider when valuing a property?

A VA appraiser considers factors such as the property’s condition, location, size, and comparable sales in the area when valuing a property.

12. Can I choose my own VA appraiser?

Borrowers cannot choose their own VA appraiser. The VA has a list of approved appraisers that the lender will select from for the appraisal.

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