VA Appraisals: What To Know
Compiled by guest “vloggers” Allison Parks and military veteran Kimberly McAleenan of Conscious Real Estate, this is the ninth installment of a monthly blog series for 2018, providing tips to the military/veteran home buyer. Contact Allison and Kimberly via the Conscious Real Estate website for additional information.
As part of the home sale process, VA Appraisals are a key part and something you’ll want to know ahead of time. The reason being is that it acts as sort of an assurance that the home you are buying is safe enough and quality enough to serve the purpose of the loan. They don’t want to have any safety accidents and want to be sure that there is no liability in order to grant the loan. This is in your favor as that is ensured to make sure you are safe in your new home.
VA Appraisals: What They Are Looking For
Va Appraisals are required for the VA Loan. It is not the same as an inspection which looks at detailed views of your home and is much more in-depth. The VA Appraisal is a mandatory review which looks for adequate heating, water access, sanitation, safety requirements, etc. After basic livability and safety has been confirmed, the appraisal further compares the fair market value with the condition of the home. Once these two requirements have been met, you’re on your way toward closing!
VA Appraisals & Fixer Uppers
Let’s just say, maybe not. The VA Appraisal process won’t deny you for small upgrades, but if there are stairs that are falling down or you’re trying to convert a barn, it might not work. Also, if you’re looking for a mountain escape, a home with a wood burning stove only won’t pass. Other reasons some homes fail are undiscovered termite or pest issues, broken windows, and roofs in disrepair. Again, it’s a protection for you, but it can add to the process just a little bit. Thankfully, a good realtor will be navigating you steer clear of those types of issues and showing you only homes that would easily pass any appraisal.
VA Appraisals. Don’t Google It.
Or do, but it is so much information it’s overwhelming. Basically, there is a set of prescribes steps to going through the process. And, you don’t want to do it alone. Additionally, you don’t want to forego trying because you thought one thing was true, but it was really actually this other way, or there was a new rule, or something else you just wouldn’t have known because you don’t deal with it every day. The VA Appraisal process is like that. It’s one more piece of the puzzle that is easier having someone (who understands VA loans), guide you through.
We like working with Conscious Real Estate, the agency we consulted on this article and presented in this video. They are a local agency that donates 10% to nonprofits of their clients’ choice at every sale. And, they love Project Sanctuary (and we have to say the feeling’s mutual!).