I am a realtor and I am wanting to make sure that a house I sold will more than likely make it to closing. Thanks! :)
2007-09-26 17:29:36 · 5 answers · asked by Brooke~* 3 in Business & Finance ➔ Renting & Real Estate
As a rule, no. However, I have seen VA appraisals come in lower than expected, which is not usually the case with conventional appraisals. Plus, a VA appraisal is more thorough, almost like a mini-inspection. If there's anything wrong with the structure, it will be reflected and must be repaired before closing.
Good luck!
2007-09-26 20:24:29 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You shouldn't turn down an offer because it's from a Veteran! SHAME ON THE GUY WHO SAID THAT!! The loan closing is going to take longer, and the appraisal is more "thorough", but I wouldn't say that it's more conservative. As long as you aren't trying to sell the house for more than it's worth you should be fine. Conventional appraisal review is getting strict, and Government appraisals are not like they used to be (a lot of guidelines changed starting Jan 1, 2007) They are actually less conservative now. An FHA appraisal is almost the same as a Conventional appraisal now. With any loan, conventional or government, if there are any "major" issues with the house (structural damage, bad roof, broken windows, safety hazards, chipping paint) they will have to be repaired before the lender will fund the loan. Hope this helps. Any more questions, feel free to e-mail me at work if you want - sulrich@firstdecisionmtg.com
2007-09-27 06:48:52 · answer #2 · answered by Shawna Marie 3 · 1⤊ 0⤋
I have got a VA loan and closed in three weeks, including time off for Christmas and New Year. The appraisal did come in 10k low but they were able to make an exception within about 10 minutes. There was an inspection that had to be passed but as a Realtor (buyers agent) you shouldn't be advising you client against an inspection anyway.
2007-09-27 10:28:16 · answer #3 · answered by Ross 6 · 1⤊ 0⤋
A VA appraisal should produce the same market value conclusion as a conventional appraisal. The opinion of market value should not change based on what the appraisal is being used for, that is why appraisers are paid a fee instead of commission.
2007-09-28 16:17:21 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Yes. If you have two similar offers, take the conventional.
2007-09-27 02:09:13 · answer #5 · answered by teran_realtor 7 · 0⤊ 1⤋