Does anyone have any good Va Appraisal thoughts...

By Bill Lauler

Real Estate Agent with Chase Realty LLC

April 21, 2010 06:51 AM

..Recently one of our listings had a VA contract on it. I thought it was a good thing for the veteran and the seller. The VA assigned appraiser did the appraisal in late March this year. The appraiser used short sales and foreclosures even though there were regular sales available..it was nuts.

The appraisal came in almost 21k below the contract price an killed the deal. The buyer and the seller contacted the VA to ask for another appraisal only to findout,this low appraisal will stigmatize this property for VA as and on record value. They might get back to the client and customer within the next 5-10 business days or not.

All I can say is beware of VA contracts unless someone out here has a solution to this situation.

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Diana Glasier -Team Glasier

Towne Mortgage - Virginia Beach, VA

Unfortunately this is happening a lot in this market. The appraisers try not to use foreclosures or short sales unless they have to. That appraisal will stay with that property for 6 months. Have you called the lender to get VA to send an appraiser out for a field review?

Apr 21, 2010 08:17 AM

Bill Lauler

Chase Realty LLC - McLean, VA

Associate Broker,CIPS,CRB,SRES,GRI

Hi Diana , We have also to no avail at this time. I also made a complaint as a USN veteran myself. So far just rhetoric. Thanks for your thoughts.

Apr 21, 2010 09:36 AM

Dale Terry

Yadkinville, NC

Another government agency that has gone out of control. no watchdog, no common sense.

Apr 21, 2010 11:10 PM

thanks for the comments ,but my client and the buyer signed a release yesterday due to the poor performance of the VA.

Apr 22, 2010 12:30 AM

Melissa Anderson

Be My Neighbor Mortgage - San Antonio, TX

Your Texas Lender

My last VA appraisal came in 15k low. The appraiser used a relocation "fire sale" as his 'strongest comp". Everyone knows relo companies dump properties as fast as they can.

A friend of mine recently had a VA appraiser show up in a "sportsmans warehouse" uniform. He was on his lunch hour...... Very sad.

Apr 25, 2010 05:06 AM

Hi Melissa , I have just recently lost my sale due to this appraisal. I did find out from the VA that this past appraisal will stay with our listing for the next five months.So,it will be a loss to any VA buyer's. My client will now take any loans except for VA due to this incompetent appraiser's attitude of taking the easy way out and the salary paid by his employer as just another number.

Melissa I hope this will change around to assist our veterans instead of the current situation.

Apr 25, 2010 02:48 PM

The VA appraisers are going to come in low and super conservative every time. Once they are black listed by any lender they will lose their source of income.

Continue to expect low VA appraisals in the future.

You can report an appraiser to the VA but I doubt it will really help. Once they are VA certified they pay the fee just like the rest of us.

Apr 25, 2010 03:09 PM

ask VA for another appraisal or this # will stay with the property for the next 6 months! Remember to tell them it is a working horse farm.

Jul 03, 2011 11:58 PM

Hey Deb , welcome to the nightmare of the current administration's fingers in everything. Now the only thing you can do is report him to the VA.,or get another type of loan from the FHA with a different appraisal.

Jul 06, 2011 11:48 PM

Heather Embrey

Better Homes & Gardens Premier - Falls Church, VA

Ask me about real estate! I know stuff:)

I feel your pain. I warn my sellers (and buyers!) about the strong possibility of appraisal issues. My last VA appraiser drove in to Northern VA from PENNSYLVANIA but felt she had a good handle on the real estate market in Falls Church because she lived in LOUDOUN COUNTY YEARS AGO. No surprise to hear that appraisal came in low. As Realtors, we really need to get some legislation in action to prohibit appraisers from crossing state lines.

We did appeal the appraisal but we aren't expecting much (if any) change.

Oct 22, 2011 03:50 AM

Heather , I like your thoughts on the appraisers sort of a Sherman Anti-trust Act against them crossing state lines. When was the last time the state,local or federal allowed a real estate sales person to do business in another state without a license? Check out our website: we have some horse farms for sale that the owner's will hold paper.www.annielauler.com.

Oct 22, 2011 04:46 AM

Does anyone have any good Va Appraisal thoughts...

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Bill Lauler

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