Asked by greisler, 12205 • Sat Sep 15, 2012
We are under contract for a home and were planning on using a VA loan. However, while the appraiser found the house to be valued at the purchase price, he found the "remaining economic life" to be only 20 years. After asking him for an explanation for this (which is required under the VA rules), he doesn't seem to understand how to determine REL and is frankly wrong. I know that you can challenge a valuation with comparables, but has anyone challeged an REL determination?
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