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A lot of the misconceptions about working with VA loans center on the VA appraisal process – which differs from conventional mortgageappraisals – as well as the time it will take for a transaction to close. VA loans are secured by the VA, and statutorily must be appraised by the VA and not just any appraiser.
If there is adequate information to move forward with the dispute, do not contact the appraiser. Remember the appraiser’s client is the lender, not the consumer or the real estate agent. Remember the appraisal is for the benefit of the lender to ensure there is adequate collateral for the property they are lending on.
What is a MortgageAppraisal? A mortgageappraisal is an appraisal that is done for mortgagelending purposes. Lenders, including banks and mortgage companies, require an appraisal to justify the loan they are making. Who is the Appraisal for? This is called equity.
With average home sale prices in Baltimore having increased by about 25% since then, a loanofficer at loanDepot told the couple that “we should be good” because the estimated value was “pretty conservative.”. loanDepot contracted 20/20 Valuations and after the appraisal, the lender said it would not extend the loan.
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