VA - Subject to - Repairs or Plans & Specs

[Tim Hicks (Texas)]

The home is lacking bathroom counters / wainscot / sinks/ and HVAC compressor, so according to the definitions above, these are beyond the buyer's preference items.

You can go to the VA lenders handbook on the VA website.

 

[Charlotte Dixon]

See below from newsletter-They do make exceptions now and then depending on supply chain issues, deployment, weather related finish items like seed and straw in pouring down rain and the Veteran and the lender can escrow some things until after closing if necessary. I think that 90% thing came from an online class "Appraising for the VA" that is outdated now


I've heard Lenders quote the "90%" so maybe it came from SAR training. I have one I have been waiting for a month for the Builder to get to the "customer preference stage", hangup is site can't be graded until sewer is connected, porch not complete, etc. Inside stuff is mostly done but site grading and exterior concrete is not buyer preference stage yet.

I'm so tired of lenders telling me to "hold up"! The house is not 90% complete yet, but should be in a couple of weeks. I wish they'd forget that old 90% thing, which went away years ago, like when I was added to the V.A. panel in 1993. When we are assigned an appraisal, we have to jump on it, appraise the property, either as is, subject to completion of some items, or subject to plans and specs.

 

[Tiffany Gibbons]

I'm so tired of lenders telling me to "hold up"! The house is not 90% complete yet, but should be in a couple of weeks. I wish they'd forget that old 90% thing, which went away years ago, like when I was added to the V.A. panel in 1993. When we are assigned an appraisal, we have to jump on it, appraise the property, either as is, subject to completion of some items, or subject to plans and specs.

Only I have not received plans & specs, plot plan, yada yada from ANY lender, even the builder's lender except for manufactured homes on foundation for years now. And VA requires a Veteran building his own home to be appraised "as existing" with only customer preference items "subject to" itemized things. I do have most everything (Plans, Specs, Survey,, Septic, etc on this one) but the Lenders Handbook has us both over a barrel and the subcontractors move like sloths. Of course. it has guest quarters and 40 acres too and is a "Barndominium" (I hate that term, cant believe it made into MLS systems). It is a metal pre engineered steel dwelling, and on the interior, nothing barn like about it.

 

[Zoe]

I just wait until it is almost complete. I ask lender to request the assignment be placed on hold and I stay in touch with the veteran, lender or their agent. I get down to stage of flooring, maybe some lighting or minor things be completed. I go then and inspect the subject. It speeds things up because then all I have to do is go back for final.

Sod, landscaping, paint........ many things like that are customer preference stage.

When it gets to that level, they are usually finished in a short period of time. Like a week or two or less.

I do my finals quick. I hate it sometimes because it slows me down on other work, but I know the veteran needs to close. The seller needs to sell, the buyer needs to buy. The homeowner needs to get cleared. The builder needs paid. The real estate agent needs paid. The list goes on.

I need paid. LOL

Sometimes if it is convenient for me, I will go and do comps and inspect subject before it reaches customer preference stage and then when it reaches customer preference stage, I check for new comps and go complete the appraisal subject to. I don't get paid for that 1st trip before customer preference stage. But it saves me time in the long run. It helps me make sure I find the best comps too.

 

[Tiffany Gibbons]

I just wait until it is almost complete. I ask lender to request the assignment be placed on hold and I stay in touch with the veteran, lender or their agent. I get down to stage of flooring, maybe some lighting or minor things be completed. I go then and inspect the subject. It speeds things up because then all I have to do is go back for final.

Sod, landscaping, paint........ many things like that are customer preference stage.

When it gets to that level, they are usually finished in a short period of time. Like a week or two or less.

I do my finals quick. I hate it sometimes because it slows me down on other work, but I know the veteran needs to close. The seller needs to sell, the buyer needs to buy. The homeowner needs to get cleared. The builder needs paid. The real estate agent needs paid. The list goes on.

I need paid. LOL

Sometimes if it is convenient for me, I will go and do comps and inspect subject before it reaches customer preference stage and then when it reaches customer preference stage, I check for new comps and go complete the appraisal subject to. I don't get paid for that 1st trip before customer preference stage. But it saves me time in the long run. It helps me make sure I find the best comps too.

I do this too, if I'm in the area anyway. I go ahead and measure when it's not raining or snowing. It helps me ascertain when it is likely to be at customer preference stage as well as I'm familiar with the order the various builders usually do the grading, etc.

 

[LesPaul59]

You are my people.