VA Appraisal – How to pass a VA Appraisal –
Will that home pass a VA appraisal? This was a call I received from a buyer’s agent regarding a listing I had. If a home buyer is using a VA loan to get a mortgage then there is a slightly different appraisal that is required by the VA (Veterans Administration) .
Here’s a basic checklist of what the VA appraiser will be looking for:
• Electrical and plumbing systems must be in good condition and have some usable life remaining.
• Adequate heating: The home’s heating system must be safe and adequate and able to maintain a temperature of at least 50 degrees to prevent pipes from freezing, which is not typically a problem here in Florida.
• Adequate roofing: The roof must be in good condition and without any major defects.
• Dry basements/crawl spaces: Basement leaks must be corrected for VA approval. There aren’t many basements here in Florida, but we do have crawl spaces.
• Free of hazards and defective conditions: Faulty support beams, exposed wires or stairs without proper railings can also be considered hazardous by a VA appraiser.
• No wood-destroying insects: If you live in an area that is prone to termites, the VA may require a termite inspection. Properties with termite infestations must be treated and re-inspected to get VA approval.
• No lead-based paint: Properties built before 1978 must be inspected for lead-based paint. Surfaces with cracked or chipped lead-based paint must be scraped and repainted or covered with drywall or totally removed.
A VA appraisal does not replace a home inspection.
I highly recommend that home buyers get a home inspection even on an “As-Is” contract. A thorough home inspection will give the home buyers additional knowledge of the home and possibly a “to do” list of upcoming projects.
If you are thinking of buying a home give us a call. We can eliminate homes that we can see won’t pass a VA appraisal and save you time and money in the process. We partner with great mortgage lenders that can help you with a VA loan or any other home loan.
If you are thinking of selling a home take care of these issues that can be deal killer for a VA appraisal and give us a call. We can guide you and the home buyers through the process ensuring that we all get to closing.
Disclaimer – We are not VA appraisers. This is just working knowledge from our real estate business here on Anna Maria Island, Florida. If you would like a referral to a knowledgeable real estate agent in your area, please contact us. We know the best Realtors around.
Jen and Mark Bowman, Keller Williams on the Water at 941-840-0117.