topic Re: VA Appraisal---Timeframe in Mortgage Loans

VA Appraisal---Timeframe

Anonymous — Mon, 09 Jun 2008 12:35:56 GMT

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?

Re: VA Appraisal---Timeframe

Anonymous — Mon, 09 Jun 2008 13:20:03 GMT

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!!!!

Re: VA Appraisal---Timeframe

BundiFan — Mon, 09 Jun 2008 21:53:33 GMT

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.

Re: VA Appraisal---Timeframe

DallasLoanGuy — Tue, 10 Jun 2008 02:50:55 GMT

appraiser has 10 days to deliver from order date..... if they are busy or lazy, they will use the whole 10 days

Re: VA Appraisal---Timeframe

Anonymous — Tue, 10 Jun 2008 14:57:32 GMT

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!

Re: VA Appraisal---Timeframe

ShanetheMortgageMan — Tue, 10 Jun 2008 15:19:00 GMT

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.

Re: VA Appraisal---Timeframe

Anonymous — Fri, 06 Mar 2009 16:46:56 GMT

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?

Re: VA Appraisal---Timeframe

Anonymous — Fri, 06 Mar 2009 16:48:27 GMT

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.

Re: VA Appraisal---Timeframe

Anonymous — Fri, 06 Mar 2009 18:21:42 GMT

@ShanetheMortgageMan wrote:
@Anonymous 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...

Re: VA Appraisal---Timeframe

DallasLoanGuy — Fri, 06 Mar 2009 18:28:08 GMT

@Anonymous 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.

Re: VA Appraisal---Timeframe

Anonymous — Wed, 15 Apr 2009 19:14:01 GMT

Just applied for a VA loan last week. Our Loan Officer ordered the appraisal yesterday. We agreed on a price and closing date with the seller in early June. A house on the street (smaller than the one we are trying to buy) sold this month for $420K. We agreed on $408K, but I saw on a foreclosure website that a house on the other end of the road is going up for foreclosure...for $298K. Two questions:

1. is it 10 days or 21 days for the appraisal?

2. should I be worried about the appraisal coming in under the price? The house is in fantastic condition and will need no repairs. This is in northern Virginia.

I need advice, folks. Anything is appreciated.

Re: VA Appraisal---Timeframe

jackie29 — Sun, 31 Jan 2010 02:47:36 GMT

I have live in southern california and teh home values have gone down just like all others in theUS. I have been pre quailified for a va loan and have been looking for a home for almosta year now. Many people in my area are looking for homes and I kept getting out bidded. I finally had my bid accepted a few weeks ago and the requested that I had at leaset 16 days to decided if I would continue the process and past that date I would forfit the earnist money. VA apprasior was not assigned in time enough befoer the 16 days were up so in order to not lose the money I decided not to go through with the loan because I did not want to risk it. They also stated that close of escro would be 45 days and everday after that date I would have to pay 100.00 per day that it went over the date of escrow. Either way I have canceled the home. We plan on re submitting another bid 1st business day this week. Can my lender pre apply for an appraisor and get the process rolling? was this the right decision to make to cancel the home?

Re: VA Appraisal---Timeframe

ArmyStrong — Tue, 02 Feb 2010 06:01:55 GMT

Friendly bump.

Re: VA Appraisal---Timeframe

BuckiRob — Tue, 02 Feb 2010 18:45:27 GMT

The VA can be a real pain to deal with. Usually, you can not be charged for the VA dragging its feet. I went through all of this with my VA loan last January. You really should be on your realitor about this kind of stuff. He or she is making a hefty commission and that is part of what you are paying them for

Re: VA Appraisal---Timeframe

Anonymous — Wed, 03 Feb 2010 16:38:17 GMT

They ordered our appraisal on aThursday, they came out the next day and did the appraisal, my mortgage company had it on Monday afternoon. I was really shocked. The whole process from contract on house to closing table took 4 weeks. Our loan officer told us that the appraisal has to be back within 10 days. Good luck to everyone working on loans right now.

Re: VA Appraisal---Timeframe

Anonymous — Sun, 07 Feb 2010 18:20:10 GMT

@jackie29 wrote:
I finally had my bid accepted a few weeks ago and the requested that I had at leaset 16 days to decided if I would continue the process and past that date I would forfit the earnist money. VA apprasior was not assigned in time enough befoer the 16 days were up so in order to not lose the money I decided not to go through with the loan because I did not want to risk it.

You had a contingency that allowed you 16 days to change your mind about your contract? I'm not sure I understand. If you're worried about the home appraising for the value needed you can have a financing contingency or an appraisal contingency.. I'd be worried if you gave yourself 16 days to back out, that would be a big turn-off to sellers and might be why you're outbid often. Anyway, your loan officer should be able to follow up and see what is holding up the appraisal.

Re: VA Appraisal---Timeframe

Anonymous — Thu, 10 Feb 2011 22:55:22 GMT

I'm going through the process as we speak. I put an offer in on an REO owned home and they had an 8 day contingency. I accepted this as I did my due diligence within those 8 days. Now, your lender should have had all parties (Seller, agents, you, co-borrowers) sign a VA form that states this process can be cancelled if appraisal does not go through. So after you release contingencies you should be fine with the return of your deposit and to walk away.

I'm anal and I'm all over my agent and Loan Processor, it’s been 4 days and I'm begging for the appraisal as I know there will conditions (repairs) that need to be addressed before we move in.

Oh yeah, USAA is providing my loan and they want a 35 day close w/ a VA loan.

Hope this helps.