Comments on: VA Loan Appraisals – Everything you need to know and more

By: themightyquin

themightyquin — Tue, 13 Mar 2012 04:48:34 +0000

Michael,

I am not sure I follow your story entirely? In most states, the purchase and sale agreement and any attached addenda govern how the sales transaction takes place. It appears the Appraiser should have done a better job and updated the appraisal with an addendum so that it matched the last document you signed with the builder.

From what you’ve given me here, if you decided to pursue litigation, it doesn’t seem like you’d have a very strong case. But, I could be missing something too.
I suggest you consult a local real estate attorney. It’s the only way to be sure.

Keep me posted, I hope this works out for you.

By: themightyquin

themightyquin — Tue, 13 Mar 2012 04:25:05 +0000

Barry – Check your inbox. I sent you some contact information.

By: Barry Boomer

Barry Boomer — Fri, 24 Feb 2012 00:53:39 +0000

I have a VA appraiser who received the order for appraisal three weeks before our close date. The appraiser sent in the appraisal the day before close which without fast track approval from the bank would have not been done by the date. The appraisal was $30,000 under the sale price and $35000 under the previous appraisal. As a result since the sale of our house was on the same day, we weren’t able to close on the house that we had the appraisal done on and now me and my family are homeless. What can I do to take punitive action?

By: Michael

Michael — Sun, 05 Feb 2012 16:11:38 +0000

I have a VA appraisal that states that a fence and washer/dryer unit is to be installed at the price stated on the appraisal. I closed on my house for the appraisal price. I have no fence or washer/dryer because I did not see the appraisal until after I sighed an addendum that stated the builder did not have to install the fence. The builder told me that the appraisal did not include the fence so I signed an addendum. Can I sue the builder even though I did not notice the error before closing? I am thinking that the builder is still obligated to sell the home at an appraised value of less than what was on the appraisal because the fence was not included. I am just worried because I signed an addendum but feel maybe I am ok since the VA backs 25% of the loan and expects the home as loan to value.

By: themightyquin

themightyquin — Wed, 10 Aug 2011 23:16:00 +0000

That is a civil issue. You can take them to court and fight it legally. Make sure the “property in question” is listed in the purchase and sale agreement. If it’s not listed, you probably won’t have much recourse.

By: themightyquin

themightyquin — Wed, 10 Aug 2011 23:11:52 +0000

Steve, I agree. It’s a bad system. You may have a shot at disputing your appraisal but that would need to be initiated with your bank.

By: themightyquin

themightyquin — Wed, 10 Aug 2011 22:48:46 +0000

I am not clear with your question. Who is making the request? The appraiser or lender?

By: themightyquin

themightyquin — Wed, 10 Aug 2011 22:46:00 +0000

Depends on the appraiser doing the inspection and the bank. Either one could make it an issue.

By: juanena

juanena — Mon, 25 Jul 2011 14:09:17 +0000

Is a 20 year old roof in excellent condition in south florida an issue for a VA inspection or does the roof need to be newer?

By: Evangeline Billingslea

Evangeline Billingslea — Thu, 21 Jul 2011 18:42:41 +0000

Can a VA loan fee appraisal not clear a closing for any reason such as needing to verify a business license from a home inspector who inspected a home that is under contract? The VA appraiser requested that the inspector ‘s state of GA business license be verified and what type of license she has before they clear closing is the a requirement of VA?