VA Loan appraisals are more thorough than appraisals for conventional loans. At San Diego VA Home Buyers Center we can advise you on the VA appraisal process and help you find a home that meets appraisal standards. The VA appraisal is a major step in securing your San Diego VA home loan. Among the differences between VA appraisals and conventional appraisals are several that stand out.
Unique Aspects of VA Appraisals
No One is Allowed to Pick a Specific Appraiser
Every VA appraisal is assigned at random from a rotating database of appraisers. This ensures the appraiser is autonomous and unbiased. Appraisers with heavy workloads are less likely to be chosen. This helps ensure the appraiser is unhurried when evaluating the property.
Appraisal Costs are Assigned by the VA
The buyer is usually required to pay for the appraisal by the VA. To ensure fair pricing, the Department of Veteran’s Affairs enforces a VA appraisal fee schedule. You can rest easy knowing you are not paying exorbitant prices for your appraisal.
VA Appraisers Look for Home Defects
Unlike regular residential appraisers, VA appraisers are required to evaluate a home’s safety rankings and the status of its working parts.
The home is reviewed thoroughly to uncover any defects. The foundation, gutters, plumbing system, and other areas are all covered as part of the inspection.
If You Are Not Satisfied With the Results of an Appraisal You Can Contest It
The Department of Veterans Affairs recognizes that in some cases an appraisal may not be accurate. There is a formal review process in place which any home buyer can appeal to.
The VA terms this review process a Reconsideration of Value. It is most commonly employed when there is significant disagreement between the appraised value and the sale price. No evidence is required for a Reconsideration of Value, but supplying relevant market data and comparable sales information can definitely help.
Have Questions About VA Appraisals
At San Diego VA Home Buyers Center we can answer any questions or concerns regarding VA appraisals. We have over thirty years of experience helping Veterans secure VA loans San Diego. Every aspect of the VA appraisal process is highly familiar to us. You can reach us seven days a week via email at firstname.lastname@example.org or by calling Dan Cauffiel at (619) 261-9954.