One of the requirements of receiving a VA loan is that an appraisal must be performed on the property by a VA-approved appraiser. It’s often a point of contention for many veterans because the requirements are often very strict. But once service members understand the details of the appraisal and inspection process, many are glad they have this safeguard in place to protect them.
During our VA Loan Q&A Google Hangout with the Department of Veterans Affairs, Military.com and the National Association of Realtors, we were able to debunk any misconceptions and dig deep into the reasons for the appraisal process.
In the video, John Bell states that the number one reason the VA sets such stringent guidelines on the appraisal process is to protect the veterans to “make sure that when veterans move into a home, it’s safe, sound and sanitary. We want to make sure that there’s not going to be a leak a week after you move in.”
Margo Willis from the National Association of Realtors reiterated the importance of the inspection and appraisal, and how they truly are a benefit to service members. By knowing that you are moving into a home that is free and clear of any surprises provides a very solid peace of mind.
As for the misconception that the VA loan appraisal process is laborious and slow, the VA is actually in the process of enhancing the review process, their systems and providing the staff appraisers more tools to be able to do their jobs more quickly and efficiently.
But what about inspections? How are they different than appraisals?
Simply put, the appraiser will look at the value your home will bring, and the inspection looks at the things that can cause larger issues – like pest damage or well problems. When my teammate Clayton got his VA loan, he was required to get a well inspection, and he’s reiterated a few times that he’s not sure if he would have done the inspection on his own if it weren’t required. But now that he has a daughter, he’s very glad he’s had it done for the peace of mind knowing it’s safe.
The appraisal and inspection process are in place to think of things that you may not think of, or even consider, when you’re buying a home. It’s worth the time and effort to have them done.
If you have a VA loan, what was your appraisal and inspection process like? What do you wish was different?
Watch our video to learn more about the appraisal process and let us know what you think!
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