VA Appraisal: does it follow the home?

[biker4ever]

Sorry. I am sure this is asked to death...

My friend is selling their house in PHX and 1st buyer's that were going VA bailed. Now, 2nd Buyer is going VA. They were told by the mortgage company that the Appraisal follows home. Then someone else at the mortgage company called and said it did not...

Any clues guys? Thanks.

 

[CindyR]

kind of an interesting question as I think it is sort of true. the appraisal will follow the home if the original buyer goes to another VA lender. Our instructions say that we must add 'any VA approved lender' as an additional intended user of the appraisal. but a new buyer and a new contract would require a new appraisal according to my understanding of these rules.

 

[Biskt6]

I understood it the same as CindyR said. If it is the same property and same borrower the appraisal stays the same. A new borrower would get a new appraisal.

 

[coolhandluke]

The lender determines whether they will use the previous appraisal report or not. If it is same lender, but a different Veteran / applicant they sometimes will, but if a different lender they typically will not use the previous appraisal report.

 

[Don Clark]

Sorry. I am sure this is asked to death...

My friend is selling their house in PHX and 1st buyer's that were going VA bailed. Now, 2nd Buyer is going VA. They were told by the mortgage company that the Appraisal follows home. Then someone else at the mortgage company called and said it did not...

Any clues guys? Thanks.

All VA Appraisals are "portable". The 2nd lender is wrong. We put in the client line XYZ Mortgage/Dept of VA AND VA HAS STATED OVER AND OVER THAT ANY VA approved lender can take the appraisal and use it, and a name change is not necessary or even possible.

 

[biker4ever]

Thanks Don.

 

[KenAZ]

I did a VA recently that had previously been VA appraised within 2 weeks prior for a different buyer. I was under the impression that it must have been ordered in error. The mortgage company called VA and were told that if it was ordered through the portal, then the second appraisal was needed.

 

[Don Clark]

I did a VA recently that had previously been VA appraised within 2 weeks prior for a different buyer. I was under the impression that it must have been ordered in error. The mortgage company called VA and were told that if it was ordered through the portal, then the second appraisal was needed.

They miss a few now and then.

 

[1963Clipper]

UAD-compliant appraisals, when used for VA purposes, are not transferable from one veteran under contract to another veteran under contract.

 

[David Beasley]

All VA Appraisals are "portable". The 2nd lender is wrong. We put in the client line XYZ Mortgage/Dept of VA AND VA HAS STATED OVER AND OVER THAT ANY VA approved lender can take the appraisal and use it, and a name change is not necessary or even possible.

Several times a year, when I call to schedule a VA appraisal appointment, the owner/seller asks "Why does another appraisal have to be done?" and usually go on to say that one was just done 2-3 weeks or a month prior...I then shoot out an email to the requesting lender, copied to the RLC correspondence address, outlining the situation and that usually gets me a "cancel appraisal order/not needed" reply. So I agree with Don, they're portable. I believe that is the sole purpose we have to list the Dept of VA as co-clients on every appraisal we do for them.