VA Rules for Property Appraisal
In spite of all these requirements, there are often a few exceptions to some of the guidelines. A VA appraiser looking at a proposed construction site obviously can’t view a finished product at inspection time.
If a VA-assigned appraiser requires what the Department of Veterans Affairs terms “significant professional assistance” when doing the appraisal or when preparing the final report (where permitted), the appraiser must list the professional helper by name AND list all tasks performed by the third party. This holds the appraiser accountable for the final results.
The VA goes a long way to insure appraisals are accurate and representative of the actual fair market value of a particular property. The assigned appraisers must include a location map in the report, building perimeter sketches and/or photographs of either the sale property or the lot where proposed construction is to take place.
For homebuyers, one of the most important parts of the appraisal report is the required itemized list of any observed repairs required to be completed. The list should also include “customer preference items to be installed,” as well as any corrections to the property to make it conform to VA regulations.
Corrections can include repairs to leaking roofs, fixing windows that don’t open or close properly, missing handrails for staircases with more than three steps and other important issues. Does the appraiser spot areas that require inspections? They must be mentioned in the report, plus supporting information that justifies the appraisal. For more information, contact the Department of Veteran Affairs or visit their website at VA.gov.
About Bruce Reichstein
Bruce Reichstein is an Expert on (VA) Military/Veteran Home Loan Guidelines for over 26 years. He is an experienced VA Loan Mortgage Banker who is passionate about assisting US Military Veterans utilize their Veteran Eligibility to purchase a home.