VA appraisal and property requirements

What the VA appraisal does

A VA-assigned appraiser estimates the market value of the home and checks that it meets VA minimum property requirements. The appraisal protects you from overpaying or buying a home with serious defects.

Common minimum property requirements

• Safe, structurally sound and sanitary
• Adequate heating, hot water, electricity and a safe water supply
• Working sewage or septic system
• A roof with a reasonable remaining life
• Safe access to the property
• No peeling or chipping paint on homes built before 1978
• Adequate crawl space or attic ventilation and no active leaks or wood-destroying insect damage that affects the structure

This is a general list. The appraiser applies current VA guidelines to the specific home.

If the appraisal calls for repairs

The appraiser lists items that must be fixed before closing. The seller can make the repairs, you and the seller can negotiate, or in some cases the repairs can be completed after closing under lender guidelines. Tell your agent early so the offer can be written with this in mind.

If the value comes in low

You can ask for a reconsideration of value with comparable sales that support a higher number. You can also renegotiate the price, bring more cash, or walk away under the terms of your contract. Ask your agent about a VA option clause in the contract.

Questions

Before you make an offer

Call me before you write an offer on a house that looks like it needs work.