If you are about to get a VA appraisal and aren’t sure what to expect you have come to the right place. There are some easy things that you can look for and resolve so that the process can go smoothly. This is required in any home purchase and cash out refinance that is done with a VA loan. So even if you are only considering a home purchase right now, be aware that you will need to go through the VA appraisal process as long as you the VA home loan.
Before we get into the “things they are looking for” it is important to note what the VA appraisal is suppose to accomplish. It will determine both the fair market value of the home, and ensure that it meets the minimum property requirements that the VA requires of all purchases made with a VA loan.
While you are shopping around for the perfect home. You can save yourself time by taking a look around the houses for some of these common problems.
1. Water Damage or Potential causes of water damage.
The appraiser will take a look around the outside of the house to see that the gutter system is completely intact and that there are no large holes, gaps, or cracks in the siding. They will look to see if there are any areas around the foundation of the house where water can pool up and if there are any wet areas in the basement, attic, or any other crawl spaces.
2. Functional Electrical, Heating, and Plumbing
This is not the easiest to spot when you are simply looking around the house. The appraiser will be looking to make sure that the Electrical and Plumbing systems still have some life left in them and that there are no immediate repairs needed. They will want to see that the heating system can hold a consistent temperature of at least 50 degrees fahrenheit.
3. Roof in Good Repair
The appraiser will look for major defects in the roofing. This is something that you could look for on a simple stroll around the house. If there are a few missing shingles this probably would not constitute a major defect. They are looking for things that could lead to major water damage, or may compromise the integrity of the home.
4. Paint Job
This is particularly important to look for if the home was built before 1978. You will want to make sure that there is no lead based paint, if there is it will need to be removed and painted over. Look for paint that is cracking or peeling this could be an indication of lead based paint.
Ultimately when it comes to looking at the minimum property requirements the VA appraisal is there to keep you safe. But just because an appraiser approves the property doesn’t mean it is free from all flaws. They are simply ensuring that the home is structurally sound, safe, and sanitary; as well as making sure that you are getting the fair market value.
Give us a call if you think that you have found the perfect home and we can help you get your VA appraisal and home loan.