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Instructions and Help about Va appraisal contingency

Music hey happy Friday afternoon to the lo VA rates nation thanks for joining us again today today we got a fun topic we're going to talk about VA minimum property requirements there's 3 s's associated with that these are not the same 3 s's that the first song used to yell at us in the morning before first formation totally different than those asses the first one we're talking about today is safe so remember the VA home loan program was created to make sure that veterans are able to buy houses for their for their families to be able to take care of them and move in so the first aspect of that program is safe va has some very specific minimum property standards regarding safe sound and sanitary conditions of a home that a veteran may be purchased member the VA home loan program is not created for Extreme Home Makeover type stuff so let's talk about the safe one one of the things we're looking at here is access you have to have access to the property now this could be just as simple as maybe maybe you have a shared driveway depending on where you live out in the country I've got to make sure you learn the easement case you have a neighbor that you don't get along with maybe you're an army guy and your neighbors from the Air Force and you sort of play well so you both have to have access to your property the other thing to remember is if there's a private road agreement please please remember this thing private road agreements is something that's unique for the veteran community so for example if this is our road and our veterans house is down here you have another veteran home here and another home you have to make sure that there is private road agreement that says who's going to split the cost is this house down here responsible for all of the costs or is it shared between all three homeowners something to be cognizant of as you're looking to buy that dream home as a veteran so that's one of the things the access part the other thing that we're looking at on the access again is there's no mold you want to have a definite mold test that's out there no peeling paint no broken windows the drainage from the home also something remember you know I grew up in the great state of Nebraska and we have some of that wonderful clay soil that's out there that kind of sucks water into it that means there's a lot of dampness in the basement and when you have dampness in the basement that creates the mold so you also want to make sure that there's good drainage away from the home meaning the water when it rains everything drains away not into the basement some of the other things if you're in the urban area.

FAQ

Do VA loans have an appraisal contingency?
VA loans feature their own unique appraisal contingency known as the VA Amendment to Contract. Both buyer and seller must sign this key document. The Amendment to Contract contingency protects a VA buyer's earnest money if they walk away from a deal because the appraised value came in below the purchase price.
Is the amendatory clause required on VA loans?
The Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) require that buyers and sellers sign specific disclosure forms to protect buyers who utilize FHA or VA financing. More specifically, the FHA requires use of the Amendatory Clause and the VA requires use of the Escape Clause.
How strict are VA appraisals?
VA appraisal guidelines can be strict and can eliminate fixer-uppers from contention. Many of the guidelines can be frustrating for military buyers who are considering older homes in need of renovation. If a home fails to meet the MPRs the buyer will have to decide how they want to proceed.
What if you disagree with a VA appraisal?
Appealing your VA home appraisal When a VA appraisal fails to meet the home's purchase price, the buyer or seller party may request a formal Reconsideration of Value. This begins the appeal process.
Can VA buyer waive appraisal contingency?
You cannot waive the appraisal contingency if you are a VA buyer. The Department of Veterans Affairs requires buyers to keep both the appraisal contingency and escape clause in the contract. If the home appraises for less than the contract price, the VA will only back a loan for up to the appraised amount.
Can I waive appraisal contingency with VA loan?
Unlike other loan types, VA buyers cannot waive this appraisal contingency.
What happens if a VA appraisal comes in low?
A buyer can apply to the VA for a Reconsideration of Value (ROV) if the appraisal value seems mistakenly low. Buyers will need to provide supporting documentation such as the original Comparative Market Analysis (CMA) or details on other comparable sales that weren't used in the original appraisal.
Can a VA buyer pay above appraised value?
A VA loan can't be issued for more than the appraisal value, so a low appraisal can send buyers scrambling.
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