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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]
Fri Jun 24, 2011
Jeff Aughey answered:
It really depends entirely how your contract is written. Your agent should be able to answer this question. As with any dealings in real estate, the written agreement will control so no agent on this board will be able to give you a good answer without seeing your contract.

If prices are falling and you do not feel like your transaction is favorable then it may be wise to find another home. In this market you want to take advantage of distressed property if possible.

All the best,

Jeff Aughey
RE/MAX Prestige
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0 votes 2 answers Share Flag
Thu Jun 23, 2011
Andrew Adams answered:
I would be suprised if a property in Brockton would qualify for a USDA loan.
0 votes 3 answers Share Flag
Tue Jun 28, 2011
Sally Grenier answered:
First of all, you need to find a Realtor to work with you as a Buyer's Agent. He/she will be able to research the property and determine what a fair offer would be. Second, some properties are not eligible for FHA or VA financing because of various reasons -- in the case of a single family home like this, it may be in disrepair and need a lot of work. (the lender doesn't want to lend on a property if it is falling apart). Sometimes condos are not eligible for FHA financing because there aren't enough owner occupants.

Find a realtor and they will help you through the process. Good luck!
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Fri Jun 24, 2011
Stephen Connolly answered:
There can be many things. Such as taxes, down payment, lender costs. It all depends upon what you agreed to in the purchase price. Your Realtor or title company will provide you with the information prior to closing. ... more
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Sat Jun 18, 2011
Scott Godzyk answered:
In most cases you can not remove a lien without paying it off. The lien holder will not want to release it with money or a payment arrangement in place.
0 votes 5 answers Share Flag
Tue Aug 2, 2011
Terri Vellios answered:
You need to read your contract. If you had an appraisal and financing contingency in the contract and now you removed those contingencies your deposit is in jeopardy.

Contingencies are in the contract for a reason.

Good luck.
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0 votes 10 answers Share Flag
Mon Jun 13, 2011
Gerard Carney answered:
The bank outlines what it requires in order to loan, if you don't like this ones requirements then look for banks with less demand! If your are wondering if they can ask this of you for the loan, yes they can and yes it is legal! ... more
0 votes 8 answers Share Flag
Tue Jan 27, 2015
Gregorio Denny answered:
The type of financing you use is irrelevant, it's the type of financing the person buying it uses that will be the issue. There are programs out to purchase a flip under 90 days and over 20%. The program I have does require 2 appraisals and is only available for FHA. If you plan on fixing the property up just list it as an FHA property and you should be fine. Maybe others offer it on conventional as well but I cannot speak for them. ... more
0 votes 7 answers Share Flag
Sun Jun 5, 2016
Stressed Out answered:
also note that we are first time home buyers and if any of the above isn't worded clearly, I apologize as we are new at this and trying to understand the terminology.
0 votes 18 answers Share Flag
Tue Jul 5, 2011
Roswell Moore, answered:
The lender will definitely put the value of the home at the appraised value or purchase price, WHICHEVER IS LESS. With 40% down, you should be fine, unless your appraised value is very low.

All the best,

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite and fund, in-house, FHA (w/a 580 score), 203k, VA, USDA, Jumbo, Conventional, loans to Canadians, Australians & other Foreign Nationals, on time. NMLS ID 263779 | AZ BK 0903725
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Mon Feb 9, 2015
Sally Grenier answered:
There are many different factors involved. What is the price of the home? Whose closing costs are you referring to (seller or buyer or both)? A buyer can expect to pay between 2-3% of the purchase price in closing costs. (costs are higher if the buyer is getting mortgage).

As a seller, you will have Realtor's fees (if you use one) which is negotiable and can range anywhere from 4%-6%, title insurance, recording fees, and possibly other fees depending on your area. For example some states require attorneys, while states like CO don't.
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0 votes 14 answers Share Flag
Wed Sep 26, 2012
Melissa Krchnak answered:
I've yet to work with one that doesn't.
0 votes 13 answers Share Flag
Mon Jun 6, 2011
Nancy Campbell answered:
I had one similar to this ... it fell out of escrow. Though, it was not that far into escrow. Buyer lender condition from appraisal was for roof to be repaired. As a short sale, seller lender approval said no repairs from lender or seller/borrower. Then got a quote, reduced price of home and buyer to repair. What buyer would repair a roof that was not their home yet? None, so the contract was cancelled. ... more
0 votes 12 answers Share Flag
Tue Jun 7, 2011
Charlotte Savoy & The Savoy Team answered:
Hi there! I'm so sorry this is so stressful for you. Some appraisers are very conservative, however, they all have guidelines that they should follow. Depending on the price of the home you are buying, the extra bedroom should be a credit of $2500 to $5000 or so. Does the 3rd bedroom have a full sized window and closet? If not, it may only be considered a den which would explain why he left it off. Either way, I would definitely call your lender and tell them that you would like to have the appraisal challenged. That will require them to do an in-house review and see if another appraisal is in order.

I hope the process moves along much smoother for you in the future!

All the best,

Charlotte Savoy
Keller Williams Realty
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0 votes 11 answers Share Flag
Wed Jul 22, 2015
Fred Glick answered:
FHA allows 3.5% and conventional can be had with just 3% down (with a slightly higher rate, but the latest and greatest program is a conventional loan with 5% and no monthly mortgage insurance. That's the cheapest way to go.

FHA has an upfront mortgage insurance of 1% that is financed in and the monthly is based on an annualized premium of 1.15%....very expensive!

The other difference has to do with seller assist. Conventional with less than 10% down is 3% max but FHA is 6%.

But, if you can do the 5% down conventional, do it!

Any questions, please email me or call me at 877-282-5789.

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0 votes 12 answers Share Flag
Mon May 30, 2011
Scott Thiel answered:
Not the way I structure an offer. Typically all the buyer pays for is the 3.5% of purchase price for their down payment. Seller will cover closing costs, title and escrow. Please give me a call and I can personally sit down and discuss your options...

Scott Thiel
lic. 00987674
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0 votes 5 answers Share Flag
Fri Aug 9, 2013
David Pritchett answered:

You should get a prepaid credit card, even if it is a low limit. You need to build credit. I would be happy to put you in touch with a lender who can run your credit score and supply additional ideas to raise your credit score. You really need to be above 640 and have 3.5% of the purchase price for a down payment. Plus closing cost. Please let me know if I can help?

David Pritchett
Keller Williams
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0 votes 10 answers Share Flag
Fri Aug 3, 2012
Martin H. Thomas answered:
Hello Duck,

Have you talked at all with a loan officer about getting pre-qualified for a VA Loan?

If you don't have a lender, I can recommend a few for you to talk with, and I can answer any question you have about the process.

Martin Thomas
Avalar Smart Choice Realty
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0 votes 5 answers Share Flag
Fri Jun 3, 2011
Shane Milne answered:
It depends on what your contract says.

Normally your options when the appraisal comes in below the agreed upon purchase price, if your contract has an appraisal contingency, are:

1. The buyer can proceed to purchase using the lower appraised value but still paying the seller the full purchase price (because seller won't budge on the price, etc.). Example if the purchase price is $100k, appraisal comes in at $95k. Buyer can still purchase for $100k, the buyer will just have to bring in the $5k difference plus the % down payment on the $95k appraised value.
2. The buyer & seller agree to a new purchase price, be the appraised value or some other figure. Continuing with the example above, the buyer would propose to seller to lower purchase price to $95k, seller agrees, and new purchase price is $95k and that is what the % down payment is based on.
3. Buyer does not want to purchase at the purchase price, seller does not want to budge on the purchase price, buyer gets to back out of transaction with their earnest money but no refund for any other expenses paid (appraisal, home inspection, etc.).

Unless it states in your purchase contract with the short sale lender that THE APPRAISED VALUE WILL BE THE PURCHASE PRICE, you and your agent are going to have to start doing some negotiating.

Call your real estate agent and loan officer in the morning and go over your options.
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0 votes 5 answers Share Flag
Mon May 23, 2011
Ron Thomas answered:
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