VA - Condo Not Approved

[CindyR]

Hmmm. Looks like this little tiny condo project is not on the VA list. Any idea what happens next? How many interested parties must I notify?

 

[Don Clark]

Hmmm. Looks like this little tiny condo project is not on the VA list. Any idea what happens next? How many interested parties must I notify?

VA and the lender. Not your problem to go through every conceivable list to see if it is or is not. That is the lenders job.

 

[J Grant]

call your lender client, let them take it up with the VA

 

[nicholz12]

Sometimes they have applied and it's in the works, notify the Lender. They'll check it out.

 

[sandpiperapp]

In the past, VA told me to continue with report. It is between the lender and the VA

 

[1963Clipper]

A condo not presently approved by the VA isn't eligible for appraisal unless there's a reasonable likelihood they'd accept it [approve] it prior to loan closing [ref: VALHB Ch. 10.06]. I'd be pointing that out before you go any further with it.

 

[sandpiperapp]

A condo not presently approved by the VA isn't eligible for appraisal unless there's a reasonable likelihood they'd accept it [approve] it prior to loan closing [ref: VALHB Ch. 10.06]. I'd be pointing that out before you go any further with it.

Thats what i thought, buy the last time I had an order for a condo that was not on the list, I call the Regional Loan Center. I was told to continue with the report and that the lender would be responsible for getting approvals.

 

[gregb]

Thats what i thought, buy the last time I had an order for a condo that was not on the list, I call the Regional Loan Center. I was told to continue with the report and that the lender would be responsible for getting approvals.

Same here, continue with the report. What guidance does VA provide the appraiser to determine if a condo project is likely to be approved? None that I have found.

 

[Proactive]

From the Denver RLC Appraiser Handbook:

It is the appraiser’s responsibility to verify that the condominium is fully approved by VA prior to starting the assignment. If you proceed without verifying that project is VA approved you may not get paid for the appraisal submission. The requestor may not be able to get the condominium project approved in a timely manner. This will make the appraisal unusable for a VA loan. This is our warning that we will not assist you in receiving a fee for the assignment.

I learned this one the hard way.