On being on the VA panel as a fee appraiser.

[Alsie35]

Update 05/27/2021. Just got a 1,700 sf home on a 12,000 site - both typical for the area........assigned to me, non-VA (conventional loan) paying $916.

Day before, VA assigned a job for a 4,500 sf $3,000,000 home for a purchase for the standard $600.

SMH. Argue all you or anyone wants, the one-size-fits-all VA does not work anymore.

I agree that the VA ought to have a "sliding fee scale" for high rent regions like yours, much in the same way that the military adjusts member's housing allowance based on zip code. It would make a lot more sense.

 

[Terrel L. Shields]

I guess what baffles me is that when I started VA, FHA, FmHA and Fannie Mae all has some limits on how much they lent on one house. It really revolved around the principle that the intention was to give a boot strap up to young and less wealthy people, to rural people who are traditionally low income, and our veterans whose wages are pretty modest for most ranks.

Today there is no apparent limit to how much these GSE and Gov-back agencies will lend to anyone. So they loan millions on one home? WTF?

 

[glenn walker]

In my area even with large VA loan limits the Realtors-and sellers wont even look at a VA offer right now because of appraisal issues . Therefore many VA guys are complaining that all they get is the crap and odd ball properties and every one is a headache. We have seen this in prior times I remember when nobody wanted on the VA panel because there were very few to do.

 

[Tru Red]

In my area even with large VA loan limits the Realtors-and sellers wont even look at a VA offer right now because of appraisal issues . Therefore many VA guys are complaining that all they get is the crap and odd ball properties and every one is a headache. We have seen this in prior times I remember when nobody wanted on the VA panel because there were very few to do.

I've seen the same or similar. Many of the VA buyers seem to have a lot of cash around here. They use a VA loan as much as possible and are making up the difference in cash. But of course there are some that have little if any cash and are getting locked out of this market. When the starting price for a home is around $1.5M........it's tough for a lot of Buyers.

I just hope appraisers don't cut themselves short and make hay while the sun shines. Just because a vet is buying or refinancing a home......does not mean the appraiser should only earn $600 for a $1,000 appraisal job.

 

[Tru Red]

I agree that the VA ought to have a "sliding fee scale" for high rent regions like yours, much in the same way that the military adjusts member's housing allowance based on zip code. It would make a lot more sense.

That right there makes sense.

 

[glenn walker]

I've seen the same or similar. Many of the VA buyers seem to have a lot of cash around here. They use a VA loan as much as possible and are making up the difference in cash. But of course there are some that have little if any cash and are getting locked out of this market. When the starting price for a home is around $1.5M........it's tough for a lot of Buyers.

I just hope appraisers don't cut themselves short and make hay while the sun shines. Just because a vet is buying or refinancing a home......does not mean the appraiser should only earn $600 for a $1,000 appraisal job.

The problem is VA has expanded beyond its original mission which was to get young combat veterans into there first homes now we are seeing guy-gals trying to purchase million dollar homes using a VA loan.

 

[Alsie35]

In other news ... a brand new direct lender client just sent us a 1004 purchase on a 1000sf home for ... wait for it ... $805 (includes a $200 rush fee). This is an all-time high for a single job for us.

 

[Alsie35]

Would you believe that same new direct lender client just sent us an FHA on another 1000sf home ... for $855 ? (Includes a $200 rush fee ... but not due for 2 more weeks ... is it Christmas already?!?! ) - good thing they are national - another one to take along with us to TX. Life is good.

 

[Tru Red]

Would you believe that same new direct lender client just sent us an FHA on another 1000sf home ... for $855 ? (Includes a $200 rush fee ... but not due for 2 more weeks ... is it Christmas already?!?! ) - good thing they are national - another one to take along with us to TX. Life is good.

Now........you're cooking with gas.

I just got another through Mercury.....$967. For a conventional that they need by next week.

Makes me think I need a 3 month vacation from the VA.

 

[Alsie35]

Now........you're cooking with gas.

I just got another through Mercury.....$967. For a conventional that they need by next week.

Makes me think I need a 3 month vacation from the VA.

Yes - but you appraise in the Bay Area where those kinds of fees are standard (apparently). I am about 50 miles inland from you and this is the first time that a client has offered to pay more on an order than the VA does.