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VA Appraisal Problems: What Happens If the House Gets Flagged?
One thing that can catch VA buyers off guard is the appraisal.
A VA appraisal isn’t just about determining the property’s value. The appraiser can also flag certain property-condition issues that may need to be addressed before the loan can move forward.
That doesn’t automatically mean the deal is dead, though.
This video breaks down what a VA appraiser is looking for, some of the issues that can get flagged, and what buyers can potentially do when a property doesn’t pass the first time:
For anyone who’s bought using a VA loan, did your appraisal flag anything that had to be fixed before closing?
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🏡 VA homebuyers: did you know your appraisal could list repairs that would need to be done prior to closing?
A VA appraisal is not simply about arriving at the market value. The appraiser also checks that the property satisfies the VA’s Minimum Property Requirements (MPRs).
If there are any issues with safety, structure, or sanitation, then those repairs need to be carried out prior to the VA loan proceeding.
But if your appraisal comes back with a flag, then that doesn’t mean your purchase is dead.
Depending on the issue you’re dealing with, you may be able to move forward by way of repairs, further inspections, or a VA waiver.
🎥 Watch this video to learn:
https://youtu.be/512k0_zpaMoVeterans and military homebuyers: did your VA appraisal come back with a list of repairs that needed to be done prior to closing? What happened, and how did you deal with it?
Share your experience below as your story may well be the one that helps another veteran get ready for homeownership.
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