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#452534 - 05/15/16 07:23 PM VA Appraisals?
pcooper114 Offline
Junior Member

Registered: 04/30/16
Posts: 3
Loc: GA, USA
Does anyone have any experience selling by owner to buyers using a VA loan? I have heard from other that the appraisals and inspections can be very nit-picky.

I'd a tad bit worried about the appraisal. We are pending at $178k (we purchased at $162k 4 years ago and it appraised for $164k - we have added numerous upgrade - privacy fence, security, nicer carpet, ceramic tile, etc) so I feel confident that given what we have upgraded plus appreciation (since we bought when the market was at it's lowest) that it should appraise for at least what we're pending at.

Only problem is that since we bought, a cheaper builder came in and built "Express Homes," which are nothing more than shoe boxes with roofs. So of course, the price per square foot of the recent sales are significantly lower than our pending price.

Does anyone have experience with a similar situation? I feel like our house is much nicer than most of the homes in our neighborhood and is the only one with a 3rd garage.

I can't decide if I'm too biased or if I just don't understand how the process works. Any thoughts?

Thanks!

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#452538 - 05/16/16 05:13 AM Re: VA Appraisals? [Re: pcooper114]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7510
Loc: Vermont's North-East Kingdom
The Comps are going to be the Comps, regardless of whether its a VA Guaranteed Loan, an FHA, or Conventional.

VA Appraisal Guidelines may be a bit more strict (i.e. Bedrooms must have Closets; Closets must have Doors; Stairwells and Decks higher than 8" must have Railings; one Bath must have a Tub; et cetera); but nothing you mention is unique to VA Appraisals.

Remember, your house is 4 years older now than when you bought it.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#452539 - 05/16/16 05:54 AM Re: VA Appraisals? [Re: pcooper114]
Tex Offline
Member

Registered: 02/11/14
Posts: 199
Loc: TX
Is the buyer asking for any concessions over and above the sales price? I've had a couple where the buyer did. We actually had to raise the contract price over the previously agreed to price in order to cover the concessions. Luckily the appraisals went well and they closed.
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