VA home loan, 1st time buyers

[southernsweetheart]

Hey all,
My husband and I are in contract for our 1st home and I need some help.
We are using the VA program to purchase. The appraiser came out Friday (the 10th day of this process) when should we expect him to submit the report to the portal so the lender can view it?

When it comes to comps...does the apprisal consider the remodel of the home? For example if comps run around 100,000, but the home has had remodel work, added 2 car detached workshop, screened in porch, inground pool, new hardwood floors, crown molding etc. ?

 

[Amy Perkins]

The appraiser should consider condition and whether properties with those improvements bring more money in the market. Sometimes they bring more money than the actual cost and sometimes less. The appraiser should have one sale that is either similar condition, or one in inferior condition and one in superior condition to prove the adjustment is valid in the market. While pools typically do not recapture all of the value, a remodel might. It depends on your market and the data available to the appraiser. VA appraisers cover large territories and do high volume because there are so few. Good luck getting a local appraiser.

 

[southernsweetheart]

Great information ! Thank you! When do you think he should get that report submitted to the portal?

 

[David Beasley]

Great information ! Thank you! When do you think he should get that report submitted to the portal?

That will depend on several factors => The VA gives their appraisers a turnaround-time time limit, but that starts once he/she receives the request. Do you absolutely know when that was? Or do you just know the date the lender "said" the appraiser got the request. I routinely am accused of dragging my feet on an appraisal even though I got out to it within 2 days of receiving the request - as the lender said I got the request more than a week ago. In other words, the lender will often lay blame for a delay on the appraiser that was not the appraiser's fault. Happens weekly here: "They said they requested this 2 weeks ago!!" "Sorry ma'am, but I can show you the actual request with yesterday's date on it if you'd like"...

Most likely, the appraiser should have the appraisal back to the portal on or by the 7th "business day" after getting the request. That time countdown actually begins the day after the receipt - example: if a VA appraisal request is received on a Monday, 7 business days as counted by the VA would end the following Wednesday (Meaning 7 actual 24 hour business days. Weekends and holidays are not held against us.). If that appraiser isn't but so busy, it could be in much quicker than 7 days. If they're swamped, as we often can be in Summer-busy-season veteran-saturated markets, it may take all of that time.

And I do not know if all US Dept of VA regions use 7 days. Some use to use 10 business days, and may still.

EDIT: I see you're in GA. Your state is overseen by the Atlanta RLC. Their current timeliness standard is 7 business days after receipt of the request. If he was there Friday, and possibly got the request in on say Wednesday, their timeliness window runs until this coming Friday. Again, it totally depends on the date they got it and how busy they are. We're generally expected to execute requests in a first-come/first-served manner.

 

[southernsweetheart]

That will depend on several factors => The VA gives their appraisers a turnaround-time time limit, but that starts once he/she receives the request. Do you absolutely know when that was? Or do you just know the date the lender "said" the appraiser got the request. I routinely am accused of dragging my feet on an appraisal even though I got out to it within 2 days of receiving the request - as the lender said I got the request more than a week ago. In other words, the lender will often lay blame for a delay on the appraiser that was not the appraiser's fault. Happens weekly here: "They said they requested this 2 weeks ago!!" "Sorry ma'am, but I can show you the actual request with yesterday's date on it if you'd like"...

Most likely, the appraiser should have the appraisal back to the portal on or by the 7th "business day" after getting the request. That time countdown actually begins the day after the receipt - example: if a VA appraisal request is received on a Monday, 7 business days as counted by the VA would end the following Wednesday (Meaning 7 actual 24 hour business days. Weekends and holidays are not held against us.). If that appraiser isn't but so busy, it could be in much quicker than 7 days. If they're swamped, as we often can be in Summer-busy-season veteran-saturated markets, it may take all of that time.

And I do not know if all US Dept of VA regions use 7 days. Some use to use 10 business days, and may still.

EDIT: I see you're in GA. Your state is overseen by the Atlanta RLC. Their current timeliness standard is 7 business days after receipt of the request. If he was there Friday, and possibly got the request in on say Wednesday, their timeliness window runs until this coming Friday. Again, it totally depends on the date they got it and how busy they are. We're generally expected to execute requests in a first-come/first-served manner.

Hey David,

Per the regional VA office appraisal was originally ordered 7/11 and our appraiser had a "medical emergency" the next week so he didn't get around to viewing the property until 7/25. Now they lender, the seller and I are all just waiting around for the results. My lender checks the portal 3 + times a day. We are very nervous since this is our first home and the experience has been ..so far ..well..nerve wracking. The UW is all done, we have turned in everything just waiting on this report. The home was built in 1965 brick home, remolded kitchen,custom oak cabinets, hardwood floors, screened in back porch, deck, in ground pool, 2 car detached garage workshop, hardwood floors. The home is beautiful! We are just all biting our nails over the comps in the area..thats why waiting for the results have been pain staking.

:new_newbie:

 

[Don Clark]

VA appraisers cover large territories and do high volume because there are so few. Good luck getting a local appraiser.

Not in my region. I cover 4 Independent Cities(less than a 50 mile radius) and do about 20 a month. Not exactly high volume.

Appraisers are selected and assigned to areas that they have experience in, often far more experience than Realtors, and are almost always local. I will admit that in some parts of the country the areas are likely wider but appraisers have to be competent in all assigned areas or they are removed from an assigned area.

In 22 years on the VA panel I have had maybe 5 appraisals outside my assigned areas, and in nearby adjacent areas where I also have experience.

 

[Lycabull]

It might have been updated since then, but based on their web page, 7-8 days from the issuance of the 26-1805 (VA order form) to the appraiser at the VA portal. Some locations do not count the day the 1805 is issued on when computing timeliness.

Just click on your state.

http://www.benefits.VA.gov/HOMELOANS/appraiser_fee_schedule.asp

The catch is how long does the lender's under writing department take after it is submitted? If there are any corrections required in the report, etc.

 

[Don Clark]

It might have been updated since then, but based on their web page, 7-8 days from the issuance of the 26-1805 (VA order form) to the appraiser at the VA portal. Some locations do not count the day the 1805 is issued on when computing timeliness.

Just click on your state.

[url]http://www.benefits.VA.gov/HOMELOANS/appraiser_fee_schedule.asp[/URL]

The catch is how long does the lender's under writing department take after it is submitted? If there are any corrections required in the report, etc.

Roanoke RLC is 10 business days not including weekends and holidays.

The underwriting process depends on the lender and varies greatly.

 

[Tim Hicks (Texas)]

I would like to add that I get calls all the time asking me when I will complete the appraisal when it was delivered to the VA portal the week before. Sometimes lenders are not completely honest about their lengthy lending process and will blame delays on others.

 

[Oh No Not Him]

I would like to add that I get calls all the time asking me when I will complete the appraisal when it was delivered to the VA portal the week before. Sometimes lenders are not completely honest about their lengthy lending process and will blame delays on others.

Yes. I received a request with a 30 day contract. It was sent to me on the 19th day.... so Im supposed to schedule the appt in my busiest time of year with 2 week backlog, drive, inspect & complete a report in barely half the time that it some processor to simply request the appraisal?

They then complained to RLC that the appraiser was going to cause them to miss the closing date. I didnt let that fly, called the RLC to point out actually was causing the delay.