Who pays for a VA appraisal?

When it comes to getting a VA loan, one common question that comes up is, “Who pays for a VA appraisal?” The answer may vary depending on the specific situation, but in most cases, the borrower is responsible for covering the costs associated with the VA appraisal.

**The borrower typically pays for a VA appraisal.**

An appraisal is a crucial part of the VA loan process as it helps determine the fair market value of the property being purchased. The appraisal is conducted by a qualified professional who assesses the condition of the home and compares it to similar properties in the area. This information is used by the VA to establish the value of the property and ensure that it meets their lending guidelines.

1. Can the seller pay for the VA appraisal?

Yes, in some cases, the seller may choose to cover the cost of the VA appraisal as part of the negotiation process.

2. Can the lender pay for the VA appraisal?

No, the lender cannot pay for the VA appraisal as it is considered a cost that must be covered by the borrower.

3. How much does a VA appraisal typically cost?

The cost of a VA appraisal can vary depending on the location of the property, but it typically ranges from $300 to $500.

4. What happens if the VA appraisal comes back lower than the sales price?

If the VA appraisal comes back lower than the sales price, it can complicate the loan process. The buyer may need to come up with additional funds to cover the difference or renegotiate the sales price with the seller.

5. Is a VA appraisal the same as a home inspection?

No, a VA appraisal is not the same as a home inspection. A home inspection is a more detailed examination of the property’s condition and can identify potential issues that may need to be addressed.

6. Can you request a copy of the VA appraisal?

Yes, as the borrower, you have the right to request a copy of the VA appraisal for your records.

7. How long does a VA appraisal take to complete?

A VA appraisal typically takes a few days to a few weeks to complete, depending on the availability of the appraiser and the complexity of the property.

8. What factors are considered in a VA appraisal?

A VA appraiser considers factors such as the condition of the property, its location, size, and any recent sales of comparable properties in the area.

9. Can you choose your own appraiser for a VA appraisal?

No, the VA has a list of approved appraisers that must be used for VA appraisals to ensure impartiality and accuracy.

10. Can you challenge the results of a VA appraisal?

Yes, if you believe that the VA appraisal is inaccurate, you can challenge the results by providing additional information or evidence to support your claim.

11. Can a VA appraisal be used for a refinance?

Yes, a VA appraisal can be used for a refinance to determine the value of the property and establish the loan amount.

12. Are there any exemptions for paying for a VA appraisal?

In some cases, such as a VA Interest Rate Reduction Refinance Loan (IRRRL), a new appraisal may not be required, saving the borrower the cost of a new appraisal.

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