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Derek Bissen, August 4 2021

VA Q&A - Top 5 Questions about VA Appraisals

VA Appraisals

VA appraisals are a type of home appraisal performed by a licensed Appraiser. They're very similar to a standard real estate appraisal report you'd expect to see on a Conventional Home Loan or FHA Home Loan.  To be eligible to perform a VA Appraisal, a licensed appraiser is required to obtain a special certification, over and above their normal licensing requirements, from the VA and must remain in good standing with the VA at all times.  To be VA-certified, an appraiser must be FHA-certified, and demonstrate a minimum of 5 years of geographic competency in a given real estate marketplace. A VA appraisal can only be used for a VA Home Loan, and can only be ordered by a VA-approved lender.  Generally-speaking, VA certified appraisers are some of the most highly-qualified appraisers in the industry.

 What do VA Appraisers look for?

There are TWO major parts of a VA appraisal: 

1)  The Market Analysis is essentially identical to that of a Conventional or FHA appraisal, meaning that the VA appraiser looks to see that the value of the home is in-line with comparable real estate sales of similar homes near the home, that generally have sold within the most recent 12 months.  This ensures that the Veteran is not overpaying for the home.

2)  The Condition Assessment of the home is exactly what it sounds like: the appraiser checks out the condition of the home, takes photos and measurements, and looks for obvious signs of damage or deferred maintenance. There is little difference in this approach vs a Conventional of FHA appraisal, and yet, this is the most misunderstood part about the VA appraisal.  The misconception is that it's extremely critical of the conditional of the home, which it's not.  

In fact, a typical Home Inspector's report (which is always recommended by nearly every experienced Realtor, for instance) is much more critical of a home's condition than any VA appraisal report, so there's nothing to be concerned about.  A licensed home inspector can stay at the home for 3-4 hours, but the typical VA appraiser visits a home for about 1 hour.    

Overall, a VA appraisal report is there to ensure that the Veteran is buying a home that is priced properly with the marketplace, is in sound condition, ready to live in, and free of obvious damage or deferred maintenance issues.  

Okay, that covers the basics. Onto the questions!

THE TOP 5 QUESTIONS ABOUT VA APPRAISALS


QUESTION 1:    I’ve heard that VA appraisals are tough. Is this true?  

QUESTION 2:     Can I order a VA appraisal myself? 

QUESTION 4:     Do VA appraisers go inside the house?  

QUESTION 5:     What do appraisers look for on a VA Appraisal? 

With respect to the Market Value, they look to make sure that the home price is in line with recently sold comparable homes within a 1 -2 mile radius, that have sold within the most recent year.

With respect to the condition of the home, a VA appraiser typically looks for the following items. Most of these issues are not unique to VA appraisals. ​​

IN CONCLUSION

And that does it!  If you want even more great information about VA home loan financing, be sure to check out our VA RESOURCE PAGE.  

If you're looking to purchase, refinance or get preapproved anywhere in the greater Tampa Bay Area, or anywhere in the state of Florida, we'd love to assist.  Contact us HERE.


Written by

Derek Bissen

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