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VA Appraisal---Timeframe

Valued Member

VA Appraisal---Timeframe

I have recently been approved for a VA loan, we are scheduled to close on June 12th.  I just got word from the loan processor that they still have not gotten the appraisal from the VA.  She feels that this is not a problem and hopes to have it today.  How long does it usually take to get the appraisal back and does the VA wait until right before closing to send it over to the lender?
Message 1 of 17
16 REPLIES
Frequent Contributor

Re: VA Appraisal---Timeframe

Ours was done quickly. But my Mortgage Broker ordered it before my loan was completely approved. She did say it could have taken a long time.

Look at it too b/c I noticed our appraiser listed our 4 bedroom house as a 3 bedroom and a few other oddities. Our house appraised for a little bit more than we paid so it was ok, but it hadn't been at least I'd have had the chance to have a relook.

good luck!!!!
FICO 6/2/08 , EX 754, 5/2 TU 720 EQ 722
Message 2 of 17
Contributor

Re: VA Appraisal---Timeframe

I just went through this as well.  It took about a week for the LO to get the appraisal, only problem we had was it appraised 3k less then the sell price and she wouldnt reconsider her appraisial.  We eneded up pay half the difference.
Message 3 of 17
Super Contributor

Re: VA Appraisal---Timeframe

appraiser has 10 days to deliver from order date..... if they are busy or lazy, they will use the whole 10 days
 
Retired Lender
Message 4 of 17
Established Member

Re: VA Appraisal---Timeframe

Our appraisal was done less than a week within ordering and the actual appraisal report was submitted to the lender within 48 hours. VA appraiser came in -$20k less than selling price and would not re-consider even with sufficient backup submitted that his appraisal was much too conservative. Even provided feedback and better comps from other appraisers. We have had to cancel Escrow yesterday due to this. Good luck!
"Any intelligent fool can make things bigger, more complex, and more violent. It takes a touch of genius -- and a lot of courage -- to move in the opposite direction." - Albert Einstein

4/23: 638 EQ, 656 EX, 668 TU
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Message 5 of 17
Super Contributor

Re: VA Appraisal---Timeframe


izoid wrote:
I have recently been approved for a VA loan, we are scheduled to close on June 12th.  I just got word from the loan processor that they still have not gotten the appraisal from the VA.  She feels that this is not a problem and hopes to have it today.  How long does it usually take to get the appraisal back and does the VA wait until right before closing to send it over to the lender?

It's not VA who does the appraisal, the appraisal is ordered via the VA Portal which the lender has access to.  It's randomly assigned to an approved VA appraiser so it's an actual appraiser who does the appraisal.  After the appraisal is done it's uploaded to the VA Portal and also can be emailed directly to the loan officer/broker/lender if requested.  If you haven't gotten it by today, and if the lender needs a day to review it, it'd be pushing it to close by 6/12 but it's still possible.  I'd contact your loan processor again and ask if they've received it yet.
Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime) since 2002, based in Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage

Message 6 of 17
New Visitor

Re: VA Appraisal---Timeframe

I'm trying to understand this as well.

 

I'm working with a loan company for my VA loan.

the appraisal has been done.

but it is stuck at the VA for "appraisal review"... and no one in the loan company can give me some kind of time frame so I can have a good contract extension.  We've already pushed back the closing a week, and now they "think" we can close Wednsday.. it's Friday now, which we were going to close today... I had to call my family and friends twice now to tell them I'm not moving and not to show up to help.  The sellers are livid and want to try and put the house back on the market.

 

So how long does the "VA appraisal review" really take?

 

Can I call the VA myself and get them to hurry up, bribe them maybe?

 

Message 7 of 17
New Visitor

Re: VA Appraisal---Timeframe

I should clarify, the sellers were already livid when we pushed back the closing a few times before, once because the prior company I was dealing with finally confessed they don't do VA loans, and then an additional time with my current company because it took them so long to get it in the VA's hands.

 

Message 8 of 17
Contributor

Re: VA Appraisal---Timeframe


ShanetheMortgageMan wrote:

izoid wrote:
I have recently been approved for a VA loan, we are scheduled to close on June 12th.  I just got word from the loan processor that they still have not gotten the appraisal from the VA.  She feels that this is not a problem and hopes to have it today.  How long does it usually take to get the appraisal back and does the VA wait until right before closing to send it over to the lender?

It's not VA who does the appraisal, the appraisal is ordered via the VA Portal which the lender has access to.  It's randomly assigned to an approved VA appraiser so it's an actual appraiser who does the appraisal.  After the appraisal is done it's uploaded to the VA Portal and also can be emailed directly to the loan officer/broker/lender if requested.  If you haven't gotten it by today, and if the lender needs a day to review it, it'd be pushing it to close by 6/12 but it's still possible.  I'd contact your loan processor again and ask if they've received it yet.

ours took the full 10days...

Message 9 of 17
Super Contributor

Re: VA Appraisal---Timeframe


dantheman777 wrote:

 

 

So how long does the "VA appraisal review" really take?

 

Can I call the VA myself and get them to hurry up, bribe them maybe?

 


va doesnt review appraisals.
an appraisal review is when the u/w thinks that a second opinion of value is warranted and has another appraiser review the appraisal to see if they agree with the valuation and methods.
these can take a week... especialy right now because so many are be reviewed these days.
 

 

Retired Lender
Message 10 of 17