Help! VA Appraisal came in $40K less

[PushinValue]

I agree. My credit scores are 785 and if I had 20% to put down I would definitely go get a conventional loan hands down.

But here's the thing. I'm searching all over my home Zip Code of 34476 and looking at all sales for 3/2 b/w 1500-1750 sqft. You have to go back to July to find anything selling for near $137 a square foot and it was old without a garage. Everything that's sold or listed since August has been at least $150 to as high as $185. It's not a one-off like there are no houses to find similarly priced.

1700 sqft homes have been going for $160/sqft for the past few months. The crappy thing I'm facing is if this deal falls through and I get my earnest money back, why even bother going to Adams or DR Horton in Brookhaven/Greystone Hills where they are actively selling for $175/sqft for 3/2 1700sqft if the appraisals are still going to lowball? I feel I'm being unfairly shut out of this market. Now I understand why sellers don't want to take VA bids.

And all this "the VA is just looking out for people", give me a break. If by some miracle I can still close on this house, my mortgage payment would be around $1550. But if I have to go potentially look for rentals, the 2br/2ba apartments in the good areas close to work start at $1800. Rental Houses? Meh, if you can find them in Marion County, maybe $1800, but in Alachua County 1300sqft goes for well over $2K. So yeah, I'm being protected into having to throw away higher monthly amounts on rent instead of being able to buy a home that the market says is $280K, but some appraiser who lives in the dark ages thinks none of the area homes appreciated in value since December 2020.

I had a VA appraisal overturned. Took 6 months and about 15 emails to the VA. They only overrode the value (by about 20%) after the state board had disciplined the appraiser. But the appraisal was pretty bad….

Try calling your congress person. Do you identify as a protected class? I sure would if I were you. Seriously, give your congress person a call.

 

[Tiffany Gibbons]

I had a VA appraisal overturned. Took 6 months and about 15 emails to the VA. They only overrode the value (by about 20%) after the state board had disciplined the appraiser. But the appraisal was pretty bad….

Try calling your congress person. Do you identify as a protected class? I sure would if I were you. Seriously, give your congress person a call.

The OP got Marco Rubio involved, got the VA to raise the value, and got the house already, I think they're all good now.

 

[J Grant]

The OP can always put in some of their own funds to close the appraisal value and pay the full price. Nothing stopping them but they only want to pay that price with borrowed $.

 

[Tiffany Gibbons]

The OP can always put in some of their own funds to close the appraisal value and pay the full price. Nothing stopping them but they only want to pay that price with borrowed $.

They closed Thanksgiving of 2021, when he said final post.

 

[Ms. Janet]

I’m not sure I understand how this is a win. The OP walked away from a contract at $270,000 over $10,000.
And then celebrated signing a new contract on the same house for $289,900.

 

[Tiffany Gibbons]

I’m not sure I understand how this is a win. The OP walked away from a contract at $270,000 over $10,000.
And then celebrated signing a new contract on the same house for $289,900.

I agree. I just had a VA order that was $68,000 over list price. The only house in the subdivision that sold that high was 1000 ft bigger. All the ones same size sold under list price. I invoked Tidewater and they canceled and went conventional. It was a completely ordinary house with an above ground pool. Even the listing agent thought it was crazy. Contract said they would make up the difference in cash, whatever the amount. As long as they are happy, I guess.

 

[Tru Red]

That’s amazing. Never ounce made a mistake? Wish I were as good as you!!!! Seriously. Not even once ?

Mistake? More than likely. None that went to the appraisal board or discovery for a trip to court. Did I use the word "mistake" in my sentence? No. You need to refine and practice your sarcasm. Pushin Value? lol and smh. Sounds about right for some appraisers.

 

[KYLECODY]

The OP got Marco Rubio involved, got the VA to raise the value, and got the house already, I think they're all good now.

Plot twist..the market is about to give back a percentage in the next couple years. Maybe the OP will get on here complaining about how it got pushed through when it shouldnt of been and he should of listened and walked away initially...Hopefully not.

 

[Tru Red]

Plot twist..the market is about to give back a percentage in the next couple years. Maybe the OP will get on here complaining about how it got pushed through when it shouldnt of been and he should of listened and walked away initially...Hopefully not.

lol. Yep!

 

[Terrel L. Shields]

Never ounce made a mistake?

A once of prevention... ?

Sounds about right for some appraisers.

I'm always right and I never lie....