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Help! VA Appraisal came in $40K less

JTip

Elite Member
Joined
Oct 12, 2004
Professional Status
Certified Residential Appraiser
State
Pennsylvania
Maybe lenders should create alternate financing like used car dealers. LTV at 120-130% for people who want something but want to use other people's money. This would put the burden on the borrower instead of the lender.
 

glenn walker

Elite Member
Joined
Oct 11, 2006
Professional Status
Certified Residential Appraiser
State
California
NO its not V
That is more like a "Fernando" comment than a Fernando comment actually is. SMH.
VA loans are designed for many people that have no cash to put down and may actually close at 101% to 102% Loan to values. And most have good credit but either do not have the Cash down or want to use it for something else. If you have 20% cash down there is no reason to use a VA or FHA loan . Its as simple as that .
 

Hopeful2021Buyer

Freshman Member
Joined
Sep 25, 2021
Professional Status
General Public
State
Florida
0% with me over the past 15 years. If I submitted an appraisal report, I will defend it in court or anywhere, all day long.

NO its not V

VA loans are designed for many people that have no cash to put down and may actually close at 101% to 102% Loan to values. And most have good credit but either do not have the Cash down or want to use it for something else. If you have 20% cash down there is no reason to use a VA or FHA loan . Its as simple as that .

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.
 

BuddyKat

Junior Member
Joined
Jul 29, 2007
Professional Status
Certified Residential Appraiser
State
Virginia
Get some comps, ask the builder if they have some comps that support the sales price and ask your Lender to appeal the appraisal to the VA. The VA handles the ROV and will make the determination of reasonable market value, they are very fair with the veteran.
 

Zoe

Senior Member
Joined
Sep 15, 2020
Professional Status
Certified General Appraiser
State
Tennessee
It's not the only house in the world. The seller can come down to market value. Maybe they thought they had a sucker when they found you. LOL

As a veteran, you can call VA regional loan center with your concerns. They will help you understand. They have the appraisal in hand and can share information with you that we cannot help with.

Huge benefit for veterans being able to borrow 100%. If you don't agree, then tell lender you will pay down 20% because you don't care if you pay 20% more than market value. That's another option. VA will be more than happy if you pay down 20%. Lender also.
 
Last edited:

Zoe

Senior Member
Joined
Sep 15, 2020
Professional Status
Certified General Appraiser
State
Tennessee
One more point. Veterans don't get enough benefits imho. Don't screw this one up. Find another house if you have to. It's a huge benefit. YOUR VA regional loan center will explain it to you.
 

Ariba

Senior Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Colorado
If you have 20% cash down there is no reason to use a VA or FHA loan . Its as simple as that .
News flash.

How about no mortgage insurance, lower interest rates than the typical conventional loan, lower credit standards for VA loans, etc.
 

Ariba

Senior Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Colorado
And all this "the VA is just looking out for people", give me a break.
Beer money champagne taste. There is no VA appraiser is coming in $40,000 low on a $237,000 property and stay on the VA panel. Also, what happened to the previous house he sold. The VA appraisal came in higher than his listing price of $298K? Apparently, the VA appraiser was not so bad on that deal, since he did not complain. Did he lose money on that transaction?
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
If I were the OP I'd go through New Day. They don't require appraisals.
 
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