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Reader Questions: VA Appraisal Deadlines

A recent question about VA loans came in from a seller who wanted to know about standard procedures for VA appraisals.

“A VA appraisal was requested 3 weeks ago. This past Friday, our realtor spoke to the lender. The lender said that the original appraiser was “unresponsive” and made a second request.  He told our realtor that another VA appraiser ‘accepted this assignment’ on Friday, and that this individual has 10 business days to come to our home. Is this standard?  Is there anything that can be done to speed this process along?”

The VA appraisal process includes a set of standard times for assignments and reports. For example, VA rules found in the publication VA Appraisal Guidelines state, “The lender is responsible for providing the appraiser with written confirmation of the assignment.  If the appraiser does not receive the written assignment within five days, they must contact VA…VA will direct the lender to provide the information or cancel the case.  Other reasons for delay or cancellation on the part of the appraiser should be thoroughly explained.”

The reader’s question about the 10 business day window to complete an appraisal does not have a standard answer–that deadline is based upon what the local housing market typically expects.

According to the VA official site, “Fee appraisers must complete VA assignments as quickly as appraisals for conventional loans are completed in the area where the property is located as determined by VA market surveys.  Extenuating circumstances may justify a delay.”

Unfortunately, once the assignment is accepted by the VA fee appraiser, there’s nothing a borrower or seller can do to speed the process–it’s just a matter of waiting for the appraiser to do the work.

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Bruce Reichstein

About Bruce Reichstein

Bruce Reichstein is an Expert on (VA) Military/Veteran Home Loan Guidelines for over 26 years — www.VALoans.com. He is an experienced VA Loan Mortgage Banker who is passionate about assisting US Military Veterans utilize their Veteran Eligibility to purchase a home.

2 Responses to Reader Questions: VA Appraisal Deadlines

  1. sue krom says:

    Question:

    Is a “HUD approved appraiser” also a “VA approved appraiser? I have a short sale(reverse mortgage) requiring a HUD approved appraiser appraise the property and the buyer is getting a VA mortgage. Can one appraisal serve both purposes?

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