VA Appraisal Came In Unrealistically Low

[sandpiperapp]

Yes VA does ROV's and has instructions and procedures to do them. The Tidewater is executed before the appraisal is complete; ROVs are submitted after the appraisal is delivered. The TW often prevents the ROV but ROVs still occur occasionally.

Like I said, typically. I work with the Cleveland RLC, and on one report where the buyer was pushing for a ROV they said it was up to me. I could do it or not. I did it to accommodate the Vet. By the way, there was no change in value. All sales submitted were far superior than the subject.

 

[Tim Hicks (Texas)]

I'm not blaming all appraisers I'm simply asking why

this is pointless. Are you a VA appraiser? If not, why assume that all appraisers appraise the same. Why would the lender not want me to see the appraisal report and not be willing to allow the VA "reconsideration of value?" This is the problem I have. Not with appraisers as a whole.

Well, Lon. I am a VA appraiser and I service Granbury. I had to check to make sure I was not the appraiser before I responded any more. The VA appraiser is required for the lender to provide any sales for consideration when the contract sales price can not be met. I am sure this has happened since it is a requirement. I looked at the sales in Western Hills Harbor. There is not a sale over $127,000 and it is 1534 sf. I have not seen your home or the appraisal, but all the sales under 1200 sf are in the $92,000 to $119,900 range. There are only two sales over $119,900. The one I mentioned and 1334 sf with two lots and a two car garage that sold for $126,000, There is the data you need. Do with it what you want, but it does not appear there was not a bad appraisal at all. I don't know, I haven't seen your property or your appraisal. I am just relaying you factual sales data that your agent should have. This is why price per foot is not a good indicator of value as it changes with many factors. The two highest sales sold for $94 and $80 per foot. That is why price per foot is worthless when selling a home unless all sales are exactly alike.

 

[Eli]

It is troubling some of the thoughts Lon shared in the original post. I assure you I have not met a VA appraiser who would have or would want to have anything to do with the bank wanting to take somebody's house. I doubt very seriously your personal banker or the buyer's personal banker would want to either.

You can request the ROV or have a realtor do it for you, but I wouldn't get my hopes up. If I were the appraiser, I would consider the comparables you sent the bank and respond accordingly if the bank asked me to.

Lon, the appraiser would have considered them in the tidewater initiative on the front end too. But, trust me that I am already 99% sure he or she already considered them.

 

[Proactive]

You can request the ROV or have a realtor do it for you, but I wouldn't get my hopes up. If I were the appraiser, I would consider the comparables you sent the bank and respond accordingly if the bank asked me to.

Although an ROV can occur after the Tidewater process, the veteran has to either request it or agree to sign off on it. If the veteran does not wish to pursue it further, then this deal is dead and you'll need to find another buyer. Since both realtors were shocked that it didn't appraise "on the money," and the VA appraisal was "unrealistically low," odds are in your favor you'll have it under contract again real soon.

Good luck!

 

[Eli]

Although an ROV can occur after the Tidewater process, the veteran has to either request it or agree to sign off on it. If the veteran does not wish to pursue it further, then this deal is dead and you'll need to find another buyer. Since both realtors were shocked that it didn't appraise "on the money," and the VA appraisal was "unrealistically low," odds are in your favor you'll have it under contract again real soon.

Good luck!

That's right because the VA don't want the veteran to be over extended and it is likely the veteran and bank don't want to be overextended either, although, I doubt these comps would matter. Like I posted, the appraiser has more than likely considered them already.

The VA sure don't want to be overextended.