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VA Appraisal Question.Comps.

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roxgro

Freshman Member
Joined
Feb 22, 2010
Professional Status
Real Estate Agent or Broker
State
Arizona
Hi VA appraisers. I live in AZ...not sure if that matters as pertains to my questions: I am selling a 2 story residential property here in Phoenix, and it's now in escrow. Based on your experience, is it helpful if I email the VA appraiser my recent comps that I have for the property? If so, How far back can the appraiser go when doing sold comparisons? Is it 6 months, or 3 months? Also, can single story sold comps be used if mine is a 2 story? Thanks for your help with my questions...please send the answers even if the 1st answer is "no!"
 
There's no rule that say's you can't provide whatever sales data you have to the VA appraiser. The appraiser should be GEO competent and have the data sources available to them if VA has assigned them an appraisal is a given area. As for the age of the comparables, it will depend of the available of comparables sales, obviously all things being equal the more current the better.

As the seller, you would be better off having the listing or selling agent give any sales data to the appraiser.
 
First, I am a VA approved appraiser.

When I appraise for the VA and the request is due to sale, I ALWAYS ask the interested parties to provide me with whatever market data they deem relevant for my consideration as I develop my opinion of value.

Better to do such things up front rather than later. :)
 
As often stated .... "it depends!".

Ideally, we would use the most current sales with the least amount of adjustments. I would assume most VA appraisers would do as I do in conducting a search. My factors start with similar model, similar size, followed by location and then date of sale.

The most current sales would be more representative of the PRESENT MARKET. I really prefer to use sales that occurred in the last 90 days...if those are available. There is no magic time period as far as the VA is concerned. The VA has a manual for it's appraisers but it basically follows the Fannie Mae guidelines. Those guidelines say a sale older than six months needs an explanation as why it was used. Some times it is necessary to use sales that closed a year ago or even more in those areas where there just are not a number of sales.

So, is it better to use an older sale in the same neighborhood or a more current sale in a competing area? The answer to the question should be..."would a buyer buy both?". If that answer is yes then I would use the more current sale.

I hope this helps.
 
I am a VA Appraiser.

I agree with Lee and Mike.
 
Another question...he was there last Friday. I still don't have the appraisal, and neither does the buyer's lender. Shouldn't we have it by now. Is it inappropriate for me to email him and ask him to get it turned in? Thanks again.
 
Another question...he was there last Friday. I still don't have the appraisal, and neither does the buyer's lender. Shouldn't we have it by now. Is it inappropriate for me to email him and ask him to get it turned in? Thanks again.

How many comps did you give him?
:rof:
 
How many comps did you give him?
:rof:

The VA Appraiser will upload it to the VA web portal when he/she is finished with the report. Whether you get a copy or not depends on your lender, not the appraiser.
 
I agree with Lee, Don and Mike (and am also a VA appraiser myself).

As for getting support (comps) up front, I never say no. Doesn't mean they're any better than what I'd find, or that I will even use anything that is supplied to me...but I don't mind an agent or owner providing me with what they think is support for their ideal value finding. About 97 times out of 100, if I get comps from an agent while I am working on a property, I have already selected some of the same comps - if they did a decent job on it that is, and weren't trying to steer me into higher values (typical) or lower values (for a foreclosure bid or divorce settlement). Those are easy to spot and even easier to ignore. I have just about decided to add statements like: "Comps in agent-provided CMA on the subejct were from a distant and superior neighborhood and were not properly adjusted for the areas of superiority (site value and quality of construction). Appraiser's comps were all selected from the subject subdivision, 2 of these comps were model matches to the subject..." to my boilerplate text database for use in some of these ill-conceived preconsideration requests.

As for timeliness: that varies by region. Most of us have 7 "business days" (doesn't count weekends or holidays) to return a basic sale appraisal for the VA. If a value doesn't come up to an agreed upon sales price, the Tidewater memo kicks in, and can add up to another week on to the process...which is fine - an extra few days to week up front has worked out to be easier than having to dig out the file and go through the older 'reconsideration process' a few weeks down the road (when we're likely can't get right back to it at a moment's notice).

Also, as mentioned, we can go back up to 12 months for comps in a typical appraisal...but we're encouraged to explain any sale beyond 6 months old. We can exceed 12 month old comps in areas were activity is low/slow - but must back it up with a small encyclopedia article as to why we did.
 
I have an idea for you. Why not have your local board of REALTORS do a seminar on appraisals. Invite some well seasoned VA and FHA appraisers to discuss what it is they do, what they look for, and how the agents can assist the appraisers. If the board doesn't want to do it...how about your office?

Cooperation between agents and appraisers leads to better understanding of the appraisal. Providing sales data to the appraiser helps the agent understand some of the problems we are faced with, ie, lack of current sales, unique properties, and the time required to do proper research and development of credible assignment results.

Good agents often know of sales that might not be obvious to the appraiser. Good appraisers prefer to head off problems down the road by having open communication with the agent.
 
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