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Va Loan Appraisal All Locations : Nationwide Real Estate Advice

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Showing results for va loan appraisal [Clear search]
Sat Aug 17, 2013
Rich Bennett answered:
Hi Michael-

You should be pre-approved with a lender prior to writing any purchase contract, short sale or otherwise. Once you're approved and the seller has accepted your offer, then you begin the wait for the response from the bank (s). It may be a long time before the lender responds, if at all, so you may need to update your pre-approval periodically. Otherwise, once the lender accepts the terms, then you proceed as you normally would with your mortgage, inspections, etc. You should be counceled by your realtor on each step as you move through the process.

Good luck.

Rich Bennett, Realtor
415.305.4911

Zephyr Real Estate
DRE#01358540
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0 votes 12 answers Share Flag
Mon Aug 22, 2011
Bill Parker, CPA* answered:
Hi Al:

Gotta admire your persistence! :)

It is going to depend upon your source of financing. Conventional is a little looser than FHA which is a little looser than VA. And, all of them are going to depend upon what the appraiser has to say as far as the livability and safety of the home.

VA is VERY picky, as their charge is to protect the veteran from getting into a bad deal, where the vet is going to end up spending money to fix. They will make you fix chipped paint, broken windows, etc., etc.

FHA's standard is "livable and safe", so they aren't suppose to worry about things like chipped paint, but only those things which could prevent someone from living in it (does it have a stove, toilets, etc.?) and being safe (which is where your wiring and such will come in.)

Conventional financing is the most lenient, but even there Fannie and Freddie lenders are not going to allow code violations, etc., to go un-corrected if pointed out by the appraiser. In other words, is the appraiser going to give you an OK with an "as-is" appraisal or come back with a "subject-to" appraisal. One never really knows until you have the appraisal in hand.

If these things can't be handled prior to closing, your best bet if you wish to proceed is to get a private-money loan, fix the place up, then go to permanent financing with the "market rate" type lenders discussed above.

As it just so happens :), Legacy Group provides both types of financing just for this particular situation. Give me a call.

Bill Parker, Loan Officer
AZ Lic# 09011570
NMLS #223607
CPA--Licensed, no longer practicing

Legacy Group Lending, Inc.
15333 N. Pima Road, Suite 300
Scottsdale, AZ 85260
(O) 480-993-3080; (M) 602-565-3646; (F) 480-993-3081
EM: Bill.Parker@Legacyg.com
Website: www.LegacyG.com

MISSION STATEMENT: To create an unbelievably enjoyable experience for my clients, while guiding them through the most important financial transactions of their personal lives. My clients know me as their Mortgage Lender for Life. I truly appreciate your referrals.

If you think it's expensive to hire a professional to do the job, wait until you hire an amateur.
Red Adair, Oil well firefighter
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0 votes 11 answers Share Flag
Wed Aug 24, 2011
Jeanne (Genie) Barfield answered:
Some agents charge a fee from the buyer when they sign a broker agent agreement with a buyer. Some don't.
Remember that an agent is going to feel better about the relationship if he/she feels that you are committed to work with one person. Agents are reluctant to work without an agreement. A buyer who is not signing the agreement gives the impression that they will go with more than an agent. We are paid by commission only, if we do not sell, we do not earn a living. I, myself get a signed agreement by do not require for a buyer to pay anything, where the $$$ amount is supposed to go, I write good faith. I also will release a buyer from the (usually 6 months) agreement if I feel that the buyer is no longer comfortable working with me (so far it has not happened). I do not want to keep someone into a "relationship" not working out. It can only go sour. You need to have a good feeling about the person who is going to represent you. Remember one thing, an Agent is not supposed to tell you what to do, but is supposed to provide you with all the information and knowledge you need so you can make the best decision for yourself. An agent can also recommend a professional loan officer working for a reputable establishment. If you are looking at houses on your own you are going to open yourself to possible mistakes (which in real estate can be huge) and situations where you won't know what to do without the proper advice. If you have an agent working with you it will make the procedure a lot easier. You can have a buyer/broker agreement in which you can add more verbiage, as to you reserve the right to termite the agreement if you are not content with the service provided, and other terms you might entertain.
One big no-no, don't have an Agent find you a property, show it to you, advise you, and then termite the buyer/broker agreement to go being the agent back and negotiate with someone else (including the seller).
You would not like to be working for a couple of weeks or a couple of months and have your boss tell you, sorry, I am not paying you. You are in a good position. Just be a little trusting, the majority of real estate Agents are honorable people. Go with a Realtor, (this means your agent belongs to the National Association of Realtors, and have a code of ethics to abide by), you would not think of using a lawyer who doesn't belong to th ABA, would you? I hope I helped you a little with my answer. If you want I can refer you to a Realtor from Keller Williams in your area. Let me know.
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0 votes 15 answers Share Flag
Thu Aug 18, 2011
Ron Thomas answered:
Appraisals are done to ensure that the Bank has adequate coverage:
They want the Appraisal to at least cover the amount of the loan.

How they do an Appraisal:
Visualize a series of COLUMNS, probably 4 or 5;
The First Column is the SUBJECT HOUSE and the others are COMP's.
Down the page we list FEATURES or FACTORS; such as # Bedrooms, # Baths, House Sqft, Lot Sqft, Fireplace, Pool, Roof, Garage, Fencing. Got it?
Now, in each box created, there will be a VALUE: Lets say the subject house is 915 sqft it would get --- or 0. And the first Comp house has 2500 sqft, it might get -100,000; which means that the house is WORTH $100,000 more because of the square-footage. (It is a negative number because the Selling price of that Comp house was approximately $100,000 more BECAUSE of the square footage and we have to deduct that $100,000 to bring them to equity.) Got it?

Now, lets say that the Subject house has $5,000 worth of new fencing and the Comp house has 25 year old OK fencing.: Then the SUBJECT house would get +5,000 and the Comp. house would get --- or 0.

When you go down the page, and enter everything, you get total Comparative Values on the two houses, which allows for the DIFFERENCES.

The two houses DO NOT have to be literally COMPARABLE, they MAKE then comparable with the VALUES.

So the house next door is larger, so what? They made up for that with the values.

Now, if you understand what I just did, then you will understand why;
1.) The two Appraisals can come so close together, and,
2.) Why the Bank will not listen to you about the results.

and in fact I will give you a third;
3.) If you hire your own Appraiser, he will end up with about the same numbers!

Also, please do not compare/equate the ASSESSMENT with the APPRAISAL: The ASSESSMENT is based on the LAST SELLING PRICE OF THE PROPERTY which might be last year. five years ago, or thirty years ago.

I hope I've helped.

Good luck and may God bless
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0 votes 3 answers Share Flag
Mon Nov 7, 2016
Edyta Gryc answered:
You are entitled to a Homestead Exemption if, as of January 1st, you have made the property your permanent home or the permanent home of a person who is legally or naturally dependent on you. By law, January 1 of each year is the date on which permanent residence is determined.

For more detailed information how to apply for a homestead exemption, please refer to the link below
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0 votes 11 answers Share Flag
Sat Sep 29, 2012
Joseph Runfola answered:
With a VA Loan, the VA randomly assigns an appraiser to your new property to prevent any conflict of interest on the loan. In order to prevent this conflict, it is not possible to request an appraiser. VA appraisers are trained and approved by the VA to represent them. They will give you a true value of the home based on comparable listings in the area. In order to protect you as the buyer, the VA does require any significant problems with the property to be repaired before closing. Many issues can affect an appraisal and certain things must be repaired before a VA Loan can close. Often these are safety issues, such as stairs with no railings or back doors without decks. The home cannot be in disrepair. It needs to be livable and in decent condition. Repairs noted on an appraisal have to be completed before closing on the new loan. Sometimes if circumstances arise beyond your control the lender will allow you to escrow for a repair and take care of it when weather or other factors permit. ... more
0 votes 3 answers Share Flag
Fri Nov 25, 2016
Andre Shambley answered:
Sure you can purchase a homepath property with an FHA mortgage. In addition, homepath offer special financing on some of their properties if you choose homepath financing. To learn more or speak with a Realtor feel free to give us a call...786-704-8482. ... more
0 votes 18 answers Share Flag
Sun Jul 21, 2013
Daniel Fisher answered:
Take a look at this article. The VA Offers Loan Programs For Fixer Upper Homes. Ask about this with a local loan officer who does a lot of VA loans
0 votes 5 answers Share Flag
Sat Aug 13, 2011
Cyrus Saffari, Broker answered:
Good day,
Please call me @281-578-4040 my office at your earliest time, I will be more than happy to help you find your real estate needs, Than you



Cyrus Saffari, GRI, QSC
Commercial & Residential Real Estate Brokerage in the Greater Houston Area.
Relocation - Acquisition - 1031 Exchange - Listing - Investment Sales
HUD,VA, Bank Foreclosures, Sr. Loan Officer
cyrus@SaffariTeam.com
www.SaffariTeam.com
281-541-5600 Cell
281-578-4040 Office
281-579-4908 Fax
Skype ID: CYRUSREALTOR
Click Here for Property Search <========

Texas Law requires all real estate licensees to give the following:
information about brokerage services,
http://www.trec.state.tx.us/pdf/contracts/OP-K.pdf
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0 votes 7 answers Share Flag
Thu Aug 18, 2011
Scott Kilpatrick answered:
Alex,
What came first chicken or egg.
Short Sales, Forecloser, or weak appraisals.
0 votes 12 answers Share Flag
Sat Aug 13, 2011
Ron Thomas answered:
0 votes 8 answers Share Flag
Sat Aug 6, 2011
Solomon Greene answered:
Hi Pinciona76

Hello from Buford! Looks like you're considering the purchase of your first home. There are a few ways to purchase your first (or move up) home with (nearly) zero down. HUD-owned homes are currently offered at $100 down provided an FHA Mortgage is used to purchase any HUD-owned home. USDA mortgages are also available at 100% financing provided the property is in a designated rural area.

Your question, however, was with regard to ANY home. In that instance, you should consider a doctor's loan at 100% financing, but you must be a licensed medical doctor (or a doctor in residency). Veterans may also consider using a VA loan to purchase about any home of their choice.

Finally, consider the use of down payment assistance available through the Federal Government (up to $7500), State of GA (up to $7500) and Gwinnett County (up to $22,500). These are interest and monthly payment free-second mortgages offered to help you with the 3.5% down required on FHA mortgages and also may be applied to your closing costs. Please be mindful, however, that you will still be required to have some funds available (earnest money, appraisal, inspections, utility connections, etc.).

Please visit the site at the link below for the various programs and then call with questions at (678) 775-2677.

Thanks
Solomon Greene
REALTOR® and HUD certified Affordable Housing Counselor
Keller Williams Realty Atlanta Partners
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0 votes 1 answer Share Flag
Sun Dec 18, 2016
Troy Miller answered:
April,

You will need to save for several things the biggest will be your down payment. Many first time buyers are getting FHA financing in which you can come in with as little as 3.5% down. In addition to the down payment there will closing costs to make the loan (costs are approximately $2000 to $4000 depending on the lender). Finally there will be some up front expenses once you locate a home you want to pursue which include an appraisal (roughly $400) and a home inspection (around $300).

A good start would be to contact a lender to check your credit and see how much home you can afford based on your current income. They can give more detailed information on closing costs and once you have a price range in mind you will know exactly how much you will need as a down payment. If you don't have anyone you are working with I have several that I've worked with regularly and would recommend.

It is such a fantastic time to buy right now...rates are low, home prices are low and selection is high! Please feel free to contact me anytime if you have any additoinal questions.

Troy Miller
TOTAL Realty
414-333-3723
troymiller@totalrealty.com
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0 votes 11 answers Share Flag
Mon Aug 1, 2011
Nanci Zimmerman answered:
You have to contact the existing lender to find out if the loan is assumable and what the criteria is. If the loan is not assumable---another option would be to do a contract for deed- but you would need an attorney to prepare the documentation. There are some risks involved in this type of transaction that a lawyer can explain to you.

Best of luck

Nanci
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0 votes 9 answers Share Flag
Mon Aug 1, 2011
Brian Berman 678-564-1522 answered:
YEs, There are are a number of loan programs out ther that can help you do this. I have writen a number of articles about this type of refinancing. You can find one of the most recent ones here:

http://www.mortgage-atlanta.com/harp-making-home-affordable-streamline-refinance/

Feel free to contact me at 678-564-1522 and I would be more than happy to go over some of your options. You are not alone in this and you should be able to lower your rate!
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0 votes 4 answers Share Flag
Mon Nov 12, 2012
answered:
Yes, the buyer/veteran has the option to still purchase the home contract without regard to the amount of "reasonable value" established by the Veterans Administration. It is spelled out in the VA Amendatory Clause. The lender will only lend on the value though, so if the seller isn't willing to reduce the price to meet the appraised value you are correct in that the buyer will need to bring in funds for the difference. ... more
0 votes 13 answers Share Flag
Sat Jul 30, 2011
Bob Nowak answered:
the best way to check is to go there and visit the neighborhood on evenings and weekends, this is when you will get a true picture of the area, knock on some doors as the neighbors are always the first to give negative feedback, and then check with an agent to see the average appreciation and days on market for selling. Good Luck. Bob ... more
0 votes 5 answers Share Flag
Fri Jul 29, 2011
Ann Griffin answered:
Dear Ted, First of all, thanks from the bottom of my heart for your service to our country, and God keep you and your company safe.

I'm not legally allowed to give my opinion as to whether a neighborhood is safe or not, but check out AZcentral.com and go to crime maps and you can see how neighborhoods stack up. Be sure to check more than one. (When you first see 200 crimes in a year, it looks like a lot until you realize many zip codes have that many. Check out the type of crime too; its right there on the site.) Augusta ranch has some shopping; if you go to google maps and do the satellite view, you can see where the shopping areas and parks are in other places as well. If your mom needs a place within walking distance or using public transit, the specific location within a neighborhood becomes important too.

Definitely there is good value to be had in Gilbert, Chandler and Mesa, and a number of places that could be great for your mother.

In terms of weathering the market, that is hard to call but I'd advise purchasing a home in good condition, in a neighborhood that is well-maintained. The good news is foreclosed and short sale properties under $200k are selling quickly, auguring well in the long run for the overall market. As those properties disappear, regular resales will again become the norm, and at that point we'll have a genuine recovery.

Is your mother able to go look at properties? I definitely advise against a purchase without seeing first. Your price range is key here; if you'd like some more assistance please email me at ann.griffin@pruaz.com.
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0 votes 7 answers Share Flag
Wed Sep 13, 2017
Lisa Cannata answered:
While a down payment is not required on VA loans you will still need funds to cover your closing cost which average 3% - 4% of the loan amount. However, with a va home loan the seller is allowed to pay all of your closing cost up to 6% of the loan amount. So, it is possible to avoid having to come out of your pocket to pay closing cost as well.

Tip: If you have little or no funds available for closing cost, let your realtor know that you are getting a va loan and need the seller to pay as many points as possible towards your closing cost so that he/she can negotiate the best purchase contract on your behalf. 1 point is equal to 1% of the loan amount. So if the home cost $200,000 and your closing cost are $8000, you will want the seller to pay 4 points (4% x $200,000 = $8,000). Using this same example, say you have $4000 of your own funds available for closing cost.. then you will only need the seller to pay 2 points.



Read more: http://www.militaryvaloan.com/va_loan_closing_cost.htm#ixzz1T8Tv8wiw
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0 votes 20 answers Share Flag
Sun Jul 24, 2011
Rudy Gonzalez answered:
No it is not. Financing contingency is all you need . It's as simple as you need financing in order to close, property doesn't appraise, you don't get financing , you don't loose your deposit, if you have any further questions please call me right away, I can be reached at 3052442700. Thanks again , Rudy Gonzalez ... more
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