Death of a Dream: VA Appraisals Re-Visited

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Real Estate Broker with Keller Williams West Sound Realty

 Okay, I really hate to beat a dead horse, but I'm just getting so sick and tired of the whole VA appraisal process. I had posted another article on this issue previously and my trusty sidekick, Buckwheat, had written along similar lines as well.

Yet another one of my transactions died an unwarranted premature death due to conditions imposed by the VA appraiser.

Dreams of Home Ownership came to an abrupt and painful halt. To read more about the deadly russian roulette of VA Appraisals, go to the full article on SOUNDBITEBLOG (opens up in a seperate window).

Update: Just so everyone knows, I am not against Buyer's using VA Loans, per se, to purchase their home. In some instances, VA Loan products can be an excellent choice for financing. Ultimately, it's not about what "I" do or don't like, but more importantly what is going to help my clients achieve their goals. I simply feel that it's important for Buyers and Sellers to understand clearly all aspects of VA transactions, so they can make sound, intelligent decisions.

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Rich Jacobson
Your Kitsap County WA Real Estate Broker
Keller Williams West Sound Realty

Mike:  Did you formally challenge the NOV (Notice of Value) through your Buyer's Lender? Did you provide your own comps (formal CMA)? Is the price valuation variance greater than 10%?

June 01, 2011 02:50 AM
Anonymous #61
Anonymous
Nate

I am a veteran and put in an offer on our dream home down here in Phoenix...Home is in an exclusive part of N Phx and the home was originally built for close to 500,000. Plus previous homeonwers kept the place immaculate and did some serious upgrades like granite in kitchen and both baths. Hardwood flooring to include the staircase. Made a good offer on the home that was accepted only to have the VA appraisal come back 50,000 dollars less!!! Two homes just sold in the same subdivision with higher prices per sqft and without the upgrades. VA appraiser even had the audacity to tell the selling agent that is was a beautiful home!! This is how my VA admin takes care of me for serving my country...unbelievable.

June 23, 2011 02:51 PM
Anonymous #62
Anonymous
Anonymous

Just got screwed by a VA appraiser.  Trying to buy the house as a fixer upper and once again the Govt. decides to step in to tell me whats best for me.  I guess we're all just so incompetent!  So glad the VA is here for us!!!

September 08, 2011 08:38 PM
Anonymous #63
Anonymous
Christina Gaffney
My VA Appraisal came back $113,500 under the Assessed Value & $13,500 under my buying price. I was (was) getting a beautiful home for a song and a dance. Now I will be homeless 100% disabled veteran on Thursday. Scary. I've never been out on the streets before.
October 04, 2011 10:27 AM
Anonymous #64
Anonymous
Mike

I have to admit that I was concernced when reading all of the horror stories on using my VA loan.   We put in an offer on a newly built house.  Appraisal was ordered on Jan 26th.  It did take the full 10 days, but the appraisal came in $20,000 higher than selling price.   The builder is paying our closing costs and we have a closing date of Feb. 29th.   Couldn't be happier with the VA.

February 12, 2012 09:04 PM
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