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2016 VA Appraisal Turn Around

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darticus

Freshman Member
Joined
Sep 27, 2016
Professional Status
General Public
State
Washington
My wife and I are waiting patiently to close on our home in Washington State. Contract 18 Aug, appraisal ordered 23 August, Assigned to the appraiser the 14th of September and the Appraiser was at the property Monday 26 September. Our original close date was 28 September. It's a single family home not complex from our standpoint. Are their any VA appraisers here that could give us an idea of how long their process is. We're just trying to get an idea. We've tried to do research but it seems as though all the results are older. We know each one is different but I'm sure most will know how long they typically take. Any help is greatly appreciated, and we thank you ahead of time for any good feedback.
 
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Michigan CG

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Joined
Nov 1, 2006
Professional Status
Certified General Appraiser
State
Michigan
Depending on your lender the wait time can vary and be very long for an appraisal to be completed. Washington, Oregon and Colorado have been in the news lately where appraisals can take up to two months. In other parts of the country turn times can be up to three weeks. I am in Michigan and any orders that are requested starting tomorrow will be three weeks.

Interest rates are below what any sane person would think of ten years ago thus the refi's are overwhelming not to mention the high number of purchases.

It is a temporary situation. The plus for you is hopefully you are going to get a rate that is insanely low. The bad part is you will have to wait for the appraisal.

I am up because I just finished a report and it is 12:25 AM.

Your inspection was only four days ago. I would not panic for another 10 days.
 

Confident Rabbit

Senior Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Washington
VA-required appraiser turnaround times are 20 days for Klickitat, Skamania and Clark counties and 10 days for the rest of the state. These are business days and do not include weekends or holidays. The clock starts for the appraiser when the appraisal is assigned through the VA system.

I have found delays are usually caused by others in the lending process. And the culprits found long ago that appraisers make fine scapegoats. Honestly, If VA appraisers are consistently late, they won't be VA appraisers for much longer.

I hope this is helpful. Thank you for your service and good luck with your new home!
 

darticus

Freshman Member
Joined
Sep 27, 2016
Professional Status
General Public
State
Washington
VA-required appraiser turnaround times are 20 days for Klickitat, Skamania and Clark counties and 10 days for the rest of the state. These are business days and do not include weekends or holidays. The clock starts for the appraiser when the appraisal is assigned through the VA system.

I have found delays are usually caused by others in the lending process. And the culprits found long ago that appraisers make fine scapegoats. Honestly, If VA appraisers are consistently late, they won't be VA appraisers for much longer.

I hope this is helpful. Thank you for your service and good luck with your new home!

Thank you, any and all information is helpful and appreciated. Just to be clear the ten days is for the report to be completed and turned in? That's a shame others pin the delays on the appraisers. I wish there was a way for the buyers to see the progress, versus having to call. I think that help instead of feeling in limbo so to speak, especially when your closing date comes and goes.
 

darticus

Freshman Member
Joined
Sep 27, 2016
Professional Status
General Public
State
Washington
Depending on your lender the wait time can vary and be very long for an appraisal to be completed. Washington, Oregon and Colorado have been in the news lately where appraisals can take up to two months. In other parts of the country turn times can be up to three weeks. I am in Michigan and any orders that are requested starting tomorrow will be three weeks.

Interest rates are below what any sane person would think of ten years ago thus the refi's are overwhelming not to mention the high number of purchases.

It is a temporary situation. The plus for you is hopefully you are going to get a rate that is insanely low. The bad part is you will have to wait for the appraisal.

I am up because I just finished a report and it is 12:25 AM.

Your inspection was only four days ago. I would not panic for another 10 days.
We did we ended up with 3.25. Thank you for the feedback. We really appreciate it.
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
I have been called by borrowers asking when I was going to complete an appraisal and had to inform them that the appraisal was completed weeks ago. I have arrived at homes and had borrowers tell me they have been waiting x weeks for the appraisal to completed and I have had to explain it received the appraisal order that week. I have been in this business 25+ years and it is not uncommon for lenders to blame delays on appraisals when that is not the case many times. I cannot speak for your individual case, but as an appraiser I have learned things are not always as they are presented. Here in Texas, the VA required turn time is 10 business days. I have never been delayed in meeting that turn time that was not borrower or lender caused. Borrowers will delay appointments. Lenders will order new construction that is not built to buyer preference items way too soon. Is your home new home construction. If the VA appraisal is ordered as existing and not proposed, the VA appraiser must wait for the property to be completed to buyer preference items (carpet, appliances, final paint, etc) before they can inspect the property. I had two lenders call me this year asking when they would receive the appraisal and I have had to inform them that the appraisal was delivered weeks ago to the VA portal and it is their job to pick it up from there. How would they not know this? Once this year, I had a call from a lender complaining that the borrower had not heard from me, they needed me to contact the borrower and get the appraisal completed. When I explained the appraisal had been completed and delivered two weeks ago, their response was could I send them a copy because they didn't know how to access it on the portal.
 

Confident Rabbit

Senior Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Washington
Thank you, any and all information is helpful and appreciated. Just to be clear the ten days is for the report to be completed and turned in? That's a shame others pin the delays on the appraisers. I wish there was a way for the buyers to see the progress, versus having to call. I think that help instead of feeling in limbo so to speak, especially when your closing date comes and goes.
Yes, ten days from the time the appraisal is assigned to the appraiser to when the appraiser must complete and upload the report to VA. The lender's underwriter (SAR) has an additional five business days in which to review the appraisal and issue the Notice of Value (NOV).

It sounds like you are in a ten-day county. If the appraisal was "really" assigned to the appraiser on 23 Aug, the report should have been uploaded to VA on or before 7 Sept (21 Sept for a 20-day county). There are exceptions for delays, but I can't think of a legitimate reason for the appraiser to not show up for the inspection until 26 Sept. Something smells; my guess is it's not the appraiser.

Most VA appraisal requests are made "lender-direct," although some lenders order VA appraisals through Appraisal Management Companies (AMCs). So the AMC receives the request, then places the order through VA, and VA assigns the appraiser. It's possible when your lender says the appraisal was ordered on 23 Aug, what really happened is they made a request to the AMC. And AMCs are MY favorite scapegoat. :)

Good luck!
 

darticus

Freshman Member
Joined
Sep 27, 2016
Professional Status
General Public
State
Washington
Yes, ten days from the time the appraisal is assigned to the appraiser to when the appraiser must complete and upload the report to VA. The lender's underwriter (SAR) has an additional five business days in which to review the appraisal and issue the Notice of Value (NOV).

It sounds like you are in a ten-day county. If the appraisal was "really" assigned to the appraiser on 23 Aug, the report should have been uploaded to VA on or before 7 Sept (21 Sept for a 20-day county). There are exceptions for delays, but I can't think of a legitimate reason for the appraiser to not show up for the inspection until 26 Sept. Something smells; my guess is it's not the appraiser.

Most VA appraisal requests are made "lender-direct," although some lenders order VA appraisals through Appraisal Management Companies (AMCs). So the AMC receives the request, then places the order through VA, and VA assigns the appraiser. It's possible when your lender says the appraisal was ordered on 23 Aug, what really happened is they made a request to the AMC. And AMCs are MY favorite scapegoat. :)

Good luck!
I had to make a edit once I read your post. We were told it was assigned the 14th. The day they showed to the property was business day nine. From what your saying if everything is on schedule it should be within the five day review from the SAR.
 

Confident Rabbit

Senior Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Washington
Post #6 is spot on; I've personally experienced everything Tim states.

From your contract date to today is 43 days. 10 days were needed for the appraisal; 33 days for everything else (and still counting).

Yep, massive shortage of appraisers. :cautious: (see other thread by same title)
 

darticus

Freshman Member
Joined
Sep 27, 2016
Professional Status
General Public
State
Washington
From your contract date to today is 43 days. 10 days were needed for the appraisal; 33 days for everything else (and still counting).

Yep, massive shortage of appraisers. :cautious: (see other thread by same title)
I think I seen the other thread. If I'm correct there weren't many recent posts, I was looking for more current information. I could be mistaken though.
 
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