Today I wanted to talk about VA appraisals and how they differ from conventional appraisals.

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I get a lot of calls about this with lots of questions about the VA appraisal and how it’s different from conventional appraisals. An appraisal is an estimated value of a property done by a licensed appraiser. One thing to remember is that VA appraisals are not that much different from a conventional appraisal.

The appraiser will first visit the property and measure the square footage of the home, take photos of all sides of the home’s exterior, and then photograph of each room inside the home. The appraiser will then take note of any amenities in the home that might affect the value—such as updated kitchens or bathrooms.

If the home has any damage, then it will be noted as a repair on the appraisal. They will take note of any damage to the interior or exterior that can decrease the value of the home—like rotting wood and cracked or peeling paint. If there are any serious matters that need to be addressed, the appraiser will put it in the report given to you and your Realtor.

You need to write up any needed repairs the appraiser sees. This is a VA requirement. The VA doesn’t necessarily need a brand new home, but they want to make sure that the home is in sound condition and that the veteran is not buying a problematic home.

“THE VA DOESN’T NECESSARILY NEED A BRAND NEW HOME, BUT THEY WANT TO MAKE SURE THAT THE HOME IS IN SOUND CONDITION FOR THE VETERAN.”

Once the appraiser finishes the inspection, they will then take pictures of other comparable homes in the neighborhood and with that information, head back to the office to calculate the value of the home. Once the value is determined, it is forwarded to the mortgage company and we have a dollar value for the house that we can work with.

If there are any repairs that were noted on the appraisal, both Realtors are notified that those repairs need to be made in order to close on a VA loan.

If there’s a problem with the value, under the VA loan process we have an opportunity to appeal the value and bring additional comparables to the attention of the appraiser in order to get the value changed.

If you have any additional questions about VA appraisals or any other VA loan-related topic, please give me a call. I’d be happy to help you.