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The appraiser will be coming tomorrow. Will he tell us what the house is appraised for? We will be moving what we have packed to our motorhome. Anything else I need to be ready for?
No he won't have an answer until he researches comps and writes his report. It may be a few days to a week.
The report will not automatically be shared with you unless it is low and they want to renegotiate. If you ask, though, they may send it to you. The appraisal actually belongs to buyer, not seller.
The appraiser was here and gone in about 30 minutes. I watched him drive around the neighborhood I guess looking at the comp homes. He may have been rushing to beat some storms that are coming. Now the waiting game begins.
The buyer checked with his VA agent and was told that everything was progressing and we may close earlier than planned. He has not heard anything about the appraisal yet. They went back home to pack up their stuff.
The bad news was the time it takes to close. A conventional loan could have only taken a little over two weeks to close where a VA loan will take 45 days to close. But the VA loan may have worked out to be good. I will be moving from Gulf Coast Alabama to NW Arkansas who has been getting a lot of COLD temperatures and snow that I don't want to jump into right away. If we had the conventional loan we would be getting up there next week during the coldest weather they have had all winter.
Here is another question my wife and I are disagreeing on. How much do flower beds weigh in on the appraisal? She wants to spruce them up and I don't. The buyer's has already mentioned they want to plant something different in them. Plus it has been raining just about every day.
Yeah, I'm HIGHLY skeptical about that claim.
...But there's a lingering myth that VA loans take forever to close. And that's simply not the case.
How Long Does it Take to Close a VA Loan?
Most VA loans close in 40 to 50 days, which is standard for the mortgage industry regardless of the type of financing.
In fact, dig into the numbers a bit and you don't find much difference between VA and conventional loans.
For the first three months of 2019, the average conventional purchase loan closed in 47 days, compared to 49 days for VA loans, according to Ellie Mae...
The inspection won't be any different than any other inspection. It will be thorough, and depending on the buyer and what is found, they may or may not ask for you to do something about problems or defects that are found and other factors we can't know about the situation. It's a negotiation between you. Hopefully both sides are reasonable.
The VA appraisal process has a reputation for being more particular than others, and that's only partly fair. They will flag peeling paint, bad roofs, or missing smoke alarms, but so will any appraisal. If your house is reasonably well maintained and priced at market value, you shouldn't have serious problems.
I agree. We have a VA loan on our house. I would rather something wrong be remedied before closing than unhappiness after.
No he won't have an answer until he researches comps and writes his report. It may be a few days to a week.
The report will not automatically be shared with you unless it is low and they want to renegotiate. If you ask, though, they may send it to you. The appraisal actually belongs to buyer, not seller.
We have sold a few homes and were never allowed to know what the house appraised for.
I agree. We have a VA loan on our house. I would rather something wrong be remedied before closing than unhappiness after.
The buyer asked his VA agent about an inspection and he was told it was not required with a house only 5 years old. As the seller everything works now just like it did 5 years ago.
We are both waiting on the appraisal which will setup the schedule for the closing. It has been three full business days now.
The buyer asked his VA agent about an inspection and he was told it was not required with a house only 5 years old. As the seller everything works now just like it did 5 years ago.
We are both waiting on the appraisal which will setup the schedule for the closing. It has been three full business days now.
By "his VA agent" do you mean the buyer's loan officer? The loan officer probably told him a home inspection is not required for his loan because they never are regardless of the home's age. However, as someone getting ready to make the biggest purchase of his life, he absolutely should have a home inspection performed on your house! The VA does not guarantee the condition of the home so if there are problems with the house after he closes, there is no recourse for the buyer other than to pay to fix them himself.
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