VA Appraisal---Timeframe

[Anonymous]

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.

[jackie29]

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?

[ArmyStrong]

Friendly bump.

[BuckiRob]

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

[Anonymous]

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.

[Anonymous]

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@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.

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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.

[Anonymous]

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.