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Possible VA Appraisal Changes

By
Services for Real Estate Pros with Real Estate Daily Magazine

Did you know that you cannot order a VA appraisal until you either have or have applied for a Certificate of Eligibility (COE)? While this isn’t a new requirement, it’s an important step that often gets overlooked in the rush to move a transaction forward. The good news is that, for now, the VA allows lenders to order the appraisal as long as there’s at least an application for the COE in the system.

However, this could change soon, and the VA may start requiring the COE to be fully in hand before the appraisal can be ordered.

As a real estate agent working with VA buyers, this is a critical tip to keep in mind. In fact, if you’re currently working with a VA buyer, make sure their lender has either obtained the COE or at least started the application process. It's not just a formality; having a COE in place early on will help prevent delays later in the process.

Here’s why it matters: the COE is the document that verifies a veteran’s eligibility for a VA loan. Without it, the loan can’t move forward, and that could jeopardize your deal. The last thing you want is to get to the point where everything else is in place—except for the appraisal—and be unable to move forward simply because a COE hasn’t been obtained.

Best Practices for VA Loans Even without Possible VA Appraisal Changes

As a best practice, it’s ideal to get the COE as early in the process as possible. In a perfect world, the COE would be secured before pre-approval, ensuring a smooth path forward once your VA buyer finds their home. Unfortunately, we all know that real estate doesn’t always work out that way. If you’re picking up a loan that another lender couldn’t close or you’re dealing with a buyer in a time crunch, securing the COE can sometimes feel like an afterthought.

That’s where a knowledgeable team makes all the difference. My team specializes in VA loans, and we’ve encountered just about every scenario you can think of. We know how to navigate the process swiftly, making sure the COE is ordered or obtained quickly so that your buyer’s timeline isn’t impacted.

VA Turn-Downs Don’t Always Mean the End

If you’ve recently had a VA buyer turned down by another lender, don’t give up hope just yet. Often, lenders who aren’t well-versed in VA guidelines may turn down loans that could actually be approved with the right expertise. My company is proud to be a "Top 100 VA Lender," and we’ve helped countless veterans achieve their homeownership dreams—even when other lenders couldn’t.

So, if you’re currently working with VA buyers, now is the time to ensure their COE is either in place or at least ordered. If you have any recent VA turn-downs, don’t hesitate to reach out. We specialize in flipping turn-downs into approvals and would be happy to assist.

Give me a call at 707-695-6313, or simply fill out my contact form to schedule a time to chat. We’re VA home loan experts, and we’re here to make sure your VA buyers get across the finish line—quickly and smoothly.

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Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Great information. Thanks for sharing, enjoy your upcoming weekend, and

here's a GOOD LUCK to your favorite Football Team! Bill

Bill Salvatore, Realtor- Arizona Elite Properties

Sep 20, 2024 10:37 AM
Frank Garay

Thanks Bill, you have a great weekend too. My wife and I are in Monterey CA for her birthday enjoying ourselves.

Sep 20, 2024 02:31 PM
John Pusa
Glendale, CA

Hello Frank Garay very good detailed helpful report for possible VA appraisal changes.

Sep 20, 2024 01:20 PM
Frank Garay

Thanks john, I'll keep everyone updated.

Sep 21, 2024 09:04 AM
Frank Garay
Real Estate Daily Magazine - Vacaville, CA
Daily News, Listings, New Construction & Education

Appreciate it John! Have a great weekend!

Sep 20, 2024 02:31 PM
Debra Leisek
Bay Realty,Inc Homer Alaska - Homer, AK

Great information! I saw the reblog from Bill Salvatore - East Valley  and wanted to come thank you for the post! I followed you too so I can see more of your posts!!

Sep 21, 2024 12:34 AM
Frank Garay

Thanks Debra, I followed you back. I'll keep you posted.

Sep 21, 2024 09:05 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Frank Garay ,

Excellent information to get out there on VA loans. Excellent detailed post!

Sep 21, 2024 05:00 AM
Frank Garay

I appreciate it Dorie, I'll keep you posted.

Sep 21, 2024 09:05 AM
Kris Collis, Associate Broker
Smart Way America Realty - East Stroudsburg, PA
Professional Results you Expect 570-801-5525

Thanks Frank, important info here. This is a great go-to article for our VA buyers.

Sep 21, 2024 08:13 PM
Frank Garay

Thanks Kris, more to come... :)

Sep 22, 2024 09:00 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

While this may be a good thing for the VA to protect their buyers it could be another reason for a seller to be wary of accepting an offer with a VA loan attached.

Sep 23, 2024 07:12 AM
Frank Garay

Indeed! This is why your VA lenders have to be on-top of this stuff and get this nailed down before issuing a pre-approval letter.  Thanks for the comment Ed!

Sep 23, 2024 08:18 AM
Jan Green - Scottsdale, AZ
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

It's always been my practice to ask for this on the first interview with a VA buyer.  I'd rather not work for nothing! 

 

That said, I was on a national call with another realtor and several in the VA indsutry to help the VA move forward on sustainability.  Hope to see some positive changes for veterans in indoor air quality and lowering their energy bills; pushing the envelope for better homes for them.  This is my specialty and I'm proud to participate!   I've watched your videos before, so welcome to AR!

Sep 23, 2024 03:11 PM
Frank Garay

Thanks for your comment Jan, and I'm glad to be here!

Sep 23, 2024 04:35 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I guess we’ll wait and see If this works out, but I wish good luck to everybody in VA. :)

Sep 23, 2024 10:55 PM
Leanne Smith
Dirt Road Real Estate - Golden Valley, AZ
The Grit and Gratitude Agent

And the appraisal is ordered directly by the VA not through the lender's appraisal management firm.  This can create some issues when it comes to comparable properties. At least that has been my experience.

Sep 24, 2024 08:19 AM
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

In my specific market, VA loans are few and far between. Sellers like to see multiple offers with no contingencies and that does not describe a VA loan.

Oct 03, 2024 11:35 AM