This was so helpful, my husband and I are stressing about our upcoming VA appraisal for a cash-out refinance. We saw guidance that said to do those projects you've been putting off and spruce up the house, which we have been doing for a week. Your information put us a bit at ease (3 THING!), though it's hat great to have knocked out some of our to do's!
Hubby and I are both Navy vets looking for our first home purchase. We have been watching your videos all week and they've helped us tremendously! Thank you so much for all of your guidance! We truly appreciate it!
This is a great video explaining this...I am working with my first VA client now! Very easy to understand, clear points, love the 'MythBuster 'aspect of the video.
Thank you for explaining. I think the VA loan is solid but in this current present market it’s tough. The good houses are being bought by Conventional Loans which to my understanding allows a little more negotiating room for its clients however the flip side is people over bid. This is an overprice over bid market right now and the VA loan keeps service members honest but at the end of the day the government will not overpay for a home. Completely a sellers market. The homes that single enlisted active duty can afford are bought by folks in about 2 days due to overbidding. The VA is thorough and as stated they do not send their own rep but they do have limitations in regards to fixer uppers. Of course it depends on the area but if you’re stationed in a highly populated area it’s going to be tough to use the VA especially since they don’t allow you to buy a condominium.
Hi, thank you for the comment. VA does allow you to purchase condos. You must verify that it's on the VA approved condo list first. With respect to your concerns about getting a VA offer accepted I don't necessarily disagree with you. It can be challenging to get a VA offer accepted. Truth be told, it's difficult to get any offer accepted by a seller in this market. End of the day when working with the right team (lender and agent) they can structure your offer in a stronger negotiating position which gives you a better chance to compete with other offers.
@@JimmyVercellino but I mean I suppose we could “interview “ agents and lenders all day and we would still be guessing if they were a great team for negotiating. How would we know until it’s too late? I’m experiencing that my lender knows a great deal about it, but doesn’t want to know the details of the house to help us negotiate or give advice about each property. Our agent doesn’t want to take risks that we want to take for properties we love because she believes we will get rejected. Seems as though we will get rejected for the most trivial things. I would understand if it needs a whole new roof or septic system. But honestly it should be the buyers choice what we want to spend our money on. Sellers don’t want to fix anything and they don’t need to because someone with a conventional loan will buy it tomorrow. We need a unicorn. Or else we need to give up our preference of rural life and get a suburb house or pay for a new construction. This isn’t what we want at all though. We want a fixer upper in a rural area with a good amount of land. I guess the Va decides what we want 😭
Okay, we are looking at rural properties with 5-10 acres and old farmhouses. We are having issues with things like: seller installed new HVAC, new roof, new plumbing and hot water tank. But they are selling as is. And the house is missing a smoke detector. A handrail. Stuff that we as the buyer would happily do ourselves for our dream property. How do we get around this? I’m completely at a loss to believe that we lost a 10 acre property due to a handrail that we could install ourselves easily.
Hi Kelly - if you're willing to pay for those repairs at your expense before you own the property this could be done. I would just make sure you have your loan approved before doing so.
@@JimmyVercellino we do! Thanks for the advice! How would we go about it though. Would we pass the message through our real estate agent to the sellers real estate agent? Would we then go onto the property and install it ourselves before we own it? Do we need to get it approved through our lender first? I don’t understand how we would get on the property to make the repairs *Before* we own it.
I am a Plano, TX Realtor with 30 years experience. Jimmy Vercellinos video is informative and easily understood for all parties to a VA contract. The VA Tidewater Notice... take note!
Getting ready to close on a new construction in a few weeks. I am using my VA loan. I found it odd that my lender asked me to sign an appraisal waiver when the price of houses are going down in the area I'm looking
Hey Joseph - fair question. What you singed with something called a VA Amendatory Clause. Sounds like it may not have been explained to you correctly. That form basically states that if the house does not appraise you don’t have to purchase it and that you can’t lose your earnest money should the house not appraise. Hope that helps.
VA loan just saved me 100k total loan after i did 2 sec of due diligence to see if the condo i bought was va approved. Good benefit if you arent putting in 20%
Veteran here, but homebuyer in general. In the current market, if I as a buyer have an appraisal come in $10k lower than the selling price, I think I will renegotiate for $10k lower if I have offered asking price. I will not encourage my appraiser with comps to jack up the price by $10k. It sounds like this video is recommending the opposite of what I just wrote, but that is for a hot market which is now cooling down.
Thank you sirNot advocating one way or another. Simply sharing what can be done. You as the Veteran have the final say. If you think the property was incorrectly appraised it could be worth considering. However, it's completley up to you. Thanks for the comment!
I'm about to just say screw buying a home now... Been trying for almost 3 years now. The properties in my area that I can realistically afford don't pass VA appraisal. And the properties that do pass are way outside of my budget
Listed townhouse in south Florida for $375, received 4 offers all $10-$11 over asking. Chose VA couple buyer at $385. Appraisal came in at $347, deal falls through and unit goes back on market. A week later near identical unit in community closed for $396, appraised $390, asked $380. I don’t know if VA is at fault but I’m locked out from accepting another VA offer for 6mos.
Thank you for reply. Sounds like the appraisers (not a VA employee) opinion of value was def on the conservative end. The good news is that you actually can accept another VA appraisal in less than 6 months. Reason being because that appraisal is only for that Veteran. In other words if another VA offer came in from a diff Veteran you could order a new appraisal.
Thank you for your video but i just received a Va appraisal with a terrible opinion of value $45 k less than the asking price. Used a properties of 11 months ago as comparables, , and not the last sales , when i called the buyer agent to send her all the last sales( inmediately ) she sent to the lender , but nothing happen , now the buyer had to ask by a formal letter for a review of the appraisal . We dont know what will happen with this , but terrible experience , you know is not the same a comparable of 11 months that 3 weeks ago or 6 months ago…
If there's a tidewater issue... I don't want to pay more than the value of the property... I'd rather find another house that's worth what I'm paying (or more). Home values are going down enough next year as it is.
So, the market is even more crazy from when you posted this video. Homes in the DFW area are going for $75K-$100K over asking. Do you have any updated info? Kinda stressing out since we just won a bid and now we sit and wait to see what it appraises for.
I'm in the same boat. DFW, new construction, been waiting more than 2 weeks for the appraiser. In fact i think I'm over 45 days since i signed contract. Underwriting is tedious.
The part that you didn't mention is that a random stranger will come into your house, take pictures and share them with God knows who. It's a complete invasion of privacy. I have no idea why they tell people not to clean their houses. It's like they are setting people up to be humiliated.
• 0 seconds ago I'm sorry to hear that you had a bad experience. It's one of those deals where anybody selling a home typically has to have an appraisal completed.
@@JimmyVercellino That's fine but they should at least tell you that they are going to take pictures. Instead, they tell you not to clean your house because they want to humiliate you.
Hello, your video is very informative and thank you for making them. I have a question and was wondering if you can help me make sense of the situation and is there a way to protect myself? A buyer offered $780k on my property and VA appraisal came back at $800k so now the buyer is asking for extension to contest the appraisal coming in high. My guess is that the buyer hoped appraisal came in low to pay less than their original offer price but I’m not sure if that is accurate and what risk will I be taking by granting them this request?
If an appraisal is 30 days old VA would not require a new one, thus it should not be needed. Have you had somebody explain to you why they are requiring a 2nd appraisal if it’s only 30 days old?
Hey TK - that’s a good question. Your lender will need to request through the VA and the the VA will then assign an independent appraiser contracted by the VA to complete the inspection.
Im currently waiting for my appraisal to come back. When i got the home inspection done, they said the roof is 17 years old and typically last 20-25 years. Will the appraisal say the roof has 3 years left on it, or the 8 year, or just go with the middle number?
You can qualify for VA home loan without the “90 day Active duty CONSECUTIVE” I did! And with few 30-60 day deployment but not the “active duty” this guy talks about. Army Reserve fulfilled you will qualify if you never deploy. Granted my nurse course was combat medic then LPN Nurse.. 18 months with delays.. so my training does not matter… lol I learned a skill tho. And got my VA Loan.
Well let me tell you about my little story I am going through now we have the VA loan we did the Tidewater thing you said we even wrote a letter I the appraiser would not change nothing we have a 13 room house he listed as nine rooms and then put in the con ment that the kitchen is one year outdated the bathroom is one year outdated and only thing he have to look at the was the ground because the house has not been built yet so we are in the process now of taking out 12,889 as an upgrade to get it down to the F appraiser that he had a praise a House for for the loan I do not understand it and now we are bringing 2300 to the table at closing I really do not get it the only choice we had was to make up the gap remove the upgrades or walk away in this house in market we cannot afford to walk away we been waiting too long for this and I just don’t understand it at this point I just want them to go ahead and pull my concrete and build my house and let me close and go on because there is no real value in my house
This was so helpful, my husband and I are stressing about our upcoming VA appraisal for a cash-out refinance. We saw guidance that said to do those projects you've been putting off and spruce up the house, which we have been doing for a week. Your information put us a bit at ease (3 THING!), though it's hat great to have knocked out some of our to do's!
Let's go!!
Hubby and I are both Navy vets looking for our first home purchase. We have been watching your videos all week and they've helped us tremendously! Thank you so much for all of your guidance! We truly appreciate it!
That's wonderful to here Deez!
Great information you rock brother. I feel do confident looking for a home using my VA loan thanks to you.
Great to hear Derek! Always here to be a resource - jimmy@valoansforvets.com
This is a great video explaining this...I am working with my first VA client now! Very easy to understand, clear points, love the 'MythBuster 'aspect of the video.
C.G. Cheers to serving Veterans!
Thank you for explaining. I think the VA loan is solid but in this current present market it’s tough. The good houses are being bought by Conventional Loans which to my understanding allows a little more negotiating room for its clients however the flip side is people over bid. This is an overprice over bid market right now and the VA loan keeps service members honest but at the end of the day the government will not overpay for a home. Completely a sellers market. The homes that single enlisted active duty can afford are bought by folks in about 2 days due to overbidding. The VA is thorough and as stated they do not send their own rep but they do have limitations in regards to fixer uppers. Of course it depends on the area but if you’re stationed in a highly populated area it’s going to be tough to use the VA especially since they don’t allow you to buy a condominium.
Hi, thank you for the comment. VA does allow you to purchase condos. You must verify that it's on the VA approved condo list first.
With respect to your concerns about getting a VA offer accepted I don't necessarily disagree with you. It can be challenging to get a VA offer accepted. Truth be told, it's difficult to get any offer accepted by a seller in this market. End of the day when working with the right team (lender and agent) they can structure your offer in a stronger negotiating position which gives you a better chance to compete with other offers.
@@JimmyVercellino but I mean I suppose we could “interview “ agents and lenders all day and we would still be guessing if they were a great team for negotiating. How would we know until it’s too late? I’m experiencing that my lender knows a great deal about it, but doesn’t want to know the details of the house to help us negotiate or give advice about each property. Our agent doesn’t want to take risks that we want to take for properties we love because she believes we will get rejected. Seems as though we will get rejected for the most trivial things. I would understand if it needs a whole new roof or septic system. But honestly it should be the buyers choice what we want to spend our money on. Sellers don’t want to fix anything and they don’t need to because someone with a conventional loan will buy it tomorrow. We need a unicorn. Or else we need to give up our preference of rural life and get a suburb house or pay for a new construction. This isn’t what we want at all though. We want a fixer upper in a rural area with a good amount of land. I guess the Va decides what we want 😭
Thank you! Very good information!
My pleasure 💯💪
Okay, we are looking at rural properties with 5-10 acres and old farmhouses. We are having issues with things like: seller installed new HVAC, new roof, new plumbing and hot water tank. But they are selling as is. And the house is missing a smoke detector. A handrail. Stuff that we as the buyer would happily do ourselves for our dream property. How do we get around this? I’m completely at a loss to believe that we lost a 10 acre property due to a handrail that we could install ourselves easily.
Hi Kelly - if you're willing to pay for those repairs at your expense before you own the property this could be done. I would just make sure you have your loan approved before doing so.
@@JimmyVercellino we do! Thanks for the advice! How would we go about it though. Would we pass the message through our real estate agent to the sellers real estate agent? Would we then go onto the property and install it ourselves before we own it? Do we need to get it approved through our lender first? I don’t understand how we would get on the property to make the repairs *Before* we own it.
Very informative… THANK YOU!!! 🇺🇸💕
Glad it was helpful!
I am a Plano, TX Realtor with 30 years experience. Jimmy Vercellinos video is informative and easily understood for all parties to a VA contract. The VA Tidewater Notice... take note!
Thank you very much sir
Getting ready to close on a new construction in a few weeks. I am using my VA loan. I found it odd that my lender asked me to sign an appraisal waiver when the price of houses are going down in the area I'm looking
Hey Joseph - fair question. What you singed with something called a VA Amendatory Clause. Sounds like it may not have been explained to you correctly. That form basically states that if the house does not appraise you don’t have to purchase it and that you can’t lose your earnest money should the house not appraise. Hope that helps.
Thank you for this video
My pleasure!
Thank u so much this is very helpful!
Glad it was helpful!
VA loan just saved me 100k total loan after i did 2 sec of due diligence to see if the condo i bought was va approved. Good benefit if you arent putting in 20%
Word!!
Can you exclude a unattached garage from a VA appraisal if it does not meet VA minimum property requirements?
Good question. In my opinion I believe the VA contracted appraiser would call that out and need to be repaired.
Veteran here, but homebuyer in general. In the current market, if I as a buyer have an appraisal come in $10k lower than the selling price, I think I will renegotiate for $10k lower if I have offered asking price. I will not encourage my appraiser with comps to jack up the price by $10k. It sounds like this video is recommending the opposite of what I just wrote, but that is for a hot market which is now cooling down.
Thank you sirNot advocating one way or another. Simply sharing what can be done. You as the Veteran have the final say. If you think the property was incorrectly appraised it could be worth considering. However, it's completley up to you. Thanks for the comment!
What are your thoughts on using a va loan and purchasing a home with a pool. What do appraisals look for?
Really just that’s it’s functional (and blue) ;-) 💪💯
I'm about to just say screw buying a home now... Been trying for almost 3 years now. The properties in my area that I can realistically afford don't pass VA appraisal. And the properties that do pass are way outside of my budget
let me know how I can help - jimmy@valoansforvets.com
Listed townhouse in south Florida for $375, received 4 offers all $10-$11 over asking. Chose VA couple buyer at $385. Appraisal came in at $347, deal falls through and unit goes back on market. A week later near identical unit in community closed for $396, appraised $390, asked $380. I don’t know if VA is at fault but I’m locked out from accepting another VA offer for 6mos.
Thank you for reply. Sounds like the appraisers (not a VA employee) opinion of value was def on the conservative end. The good news is that you actually can accept another VA appraisal in less than 6 months. Reason being because that appraisal is only for that Veteran. In other words if another VA offer came in from a diff Veteran you could order a new appraisal.
Thank you for your video but i just received a Va appraisal with a terrible opinion of value $45 k less than the asking price. Used a properties of 11 months ago as comparables, , and not the last sales , when i called the buyer agent to send her all the last sales( inmediately ) she sent to the lender , but nothing happen , now the buyer had to ask by a formal letter for a review of the appraisal . We dont know what will happen with this , but terrible experience , you know is not the same a comparable of 11 months that 3 weeks ago or 6 months ago…
Hi Roma, sorry to hear about your challenging experience! My suggestion would be to have the lender submit a reconsideration of value to the VA.
Thanks
If there's a tidewater issue... I don't want to pay more than the value of the property... I'd rather find another house that's worth what I'm paying (or more).
Home values are going down enough next year as it is.
Fair point Dan! Well said sir.
Thanks
My pleasure!
Why does a VA apprasal take so long? We had a FHA and Conventional apprasal back within about 3 or 4 days
VA quotes 7-10 days. Sometimes they come back sooner. I've never seen these turn times ever hold up a transaction.
Thanks for the great video Leather Neck! Do you know what the typical time line is to close on the house after the VA appraisal is done?
first 7-10 days!
7 to 10 business days is too long. My inspection report was same day so whats the deal?
You think so? We often times see them come back sooner, but that's what VA quotes. Thank you!
So i cant afford down-payment so they want me to pay for a house with no issues makes sense. Denied for paint peeling what a joke
Yeah, that's a tough one. Those repairs need to be completed before closing. The seller wouldn't make the repairs to help the deal go through?
Thx !
No problem!
So, the market is even more crazy from when you posted this video. Homes in the DFW area are going for $75K-$100K over asking. Do you have any updated info? Kinda stressing out since we just won a bid and now we sit and wait to see what it appraises for.
How'd it go?
I'm in the same boat. DFW, new construction, been waiting more than 2 weeks for the appraiser. In fact i think I'm over 45 days since i signed contract. Underwriting is tedious.
Will new construction homes appraise higher than older homes that are the same size?
They should .
Semper Fi Marine. What about appraisals for cash out refinancing? About the same 3 things or not really? Thank you!
Semper Fi Sir! Same rules apply.
Beyond tidewater...As a last resort. You can also request reconsideration of Value with the VA
Great point! Thank you!
Thanks for the info
My pleasure
The part that you didn't mention is that a random stranger will come into your house, take pictures and share them with God knows who. It's a complete invasion of privacy. I have no idea why they tell people not to clean their houses. It's like they are setting people up to be humiliated.
• 0 seconds ago
I'm sorry to hear that you had a bad experience. It's one of those deals where anybody selling a home typically has to have an appraisal completed.
@@JimmyVercellino That's fine but they should at least tell you that they are going to take pictures. Instead, they tell you not to clean your house because they want to humiliate you.
Hello, your video is very informative and thank you for making them. I have a question and was wondering if you can help me make sense of the situation and is there a way to protect myself? A buyer offered $780k on my property and VA appraisal came back at $800k so now the buyer is asking for extension to contest the appraisal coming in high. My guess is that the buyer hoped appraisal came in low to pay less than their original offer price but I’m not sure if that is accurate and what risk will I be taking by granting them this request?
Never heard of such a thing. It won't happen. VA Appraiser will not revise offer lower. Makes not sense to me. I'm with you on this.
Can a lender force a second VA appraisal if the original already passed?
Hi Chris - yes ; if it’s greater than 180 days old.
@@JimmyVercellino is there any way to refuse a 2nd appraisal if it has been roughly 30 days since the 1st one?
If an appraisal is 30 days old VA would not require a new one, thus it should not be needed. Have you had somebody explain to you why they are requiring a 2nd appraisal if it’s only 30 days old?
@@JimmyVercellino as of right now im sure theyre going to hit me with it being a company policy
I would find out for sure… And ask them to explain it to you in writing why you need a second appraisal.
Is my lender in charge of the VA appraisal or can I google it independently?
Hey TK - that’s a good question. Your lender will need to request through the VA and the the VA will then assign an independent appraiser contracted by the VA to complete the inspection.
Same as above I am still waiting rah
Yut!
Ooorah brother!
Semper Fi !!!
Im currently waiting for my appraisal to come back. When i got the home inspection done, they said the roof is 17 years old and typically last 20-25 years. Will the appraisal say the roof has 3 years left on it, or the 8 year, or just go with the middle number?
I suspect not. Did you hear back from the VA? If so, did they say anything?
You can qualify for VA home loan without the “90 day Active duty CONSECUTIVE” I did! And with few 30-60 day deployment but not the “active duty” this guy talks about. Army Reserve fulfilled you will qualify if you never deploy. Granted my nurse course was combat medic then LPN Nurse.. 18 months with delays.. so my training does not matter… lol I learned a skill tho. And got my VA Loan.
Cool!
How long does it typically take for the appraisal to begin once requested, and how long before the closing date should the appraisal be requested?
Hey Eric, appraisal needs to be be completed in 10 business days.
@@JimmyVercellino Thank you sir.
Thanks for the info!
My pleasure!
Well let me tell you about my little story I am going through now we have the VA loan we did the Tidewater thing you said we even wrote a letter I the appraiser would not change nothing we have a 13 room house he listed as nine rooms and then put in the con ment that the kitchen is one year outdated the bathroom is one year outdated and only thing he have to look at the was the ground because the house has not been built yet so we are in the process now of taking out 12,889 as an upgrade to get it down to the F appraiser that he had a praise a House for for the loan I do not understand it and now we are bringing 2300 to the table at closing I really do not get it the only choice we had was to make up the gap remove the upgrades or walk away in this house in market we cannot afford to walk away we been waiting too long for this and I just don’t understand it at this point I just want them to go ahead and pull my concrete and build my house and let me close and go on because there is no real value in my house
Sorry that you were having challenges.
why did't you go into Safety Security and Sanitation? That's all I wanted to know!!!
Hi Gary - check out my latest video where I address it. Why realtors hate VA Loans.
9 times out of 10, the VA appraisal comes in very conservative. Why so conservative? All the time?
Hey Nicole, thanks for the reply. Based off of my experience the comment above is not true.
Rah!
YUT!!
Day 9/10 and they still haven't done it yet.....
How'd it come together?
How do you know if someone is a marine (or Ex-Marine, not in anymore), don't worry, they will tell you.
That's because we are proud of our service sir. Thank you!
@@JimmyVercellino Yeah, ad nausea. If it was so great why not do 30 years?