Tuesday, February 20, 2018

5 Things You Didn't Know a VA Loan Could Do for You (5 of 5)

5. Extra assistance with appraisals

When a home that a veteran is considering purchasing is having trouble reaching the purchase price during the appraisal process, buyers and lenders can ask the VA appraiser to consider adjusting the valuation before making a final determination.
Appraisers notify lenders in the event the appraised value is likely to come in low, giving buyers and real estate agents 48 hours to supply additional information that the appraiser might not be aware of to help justify the home’s value.
"Typically I assemble an itemized list of upgrades and improvements that the seller has performed on the home in the past three years that the appraiser didn’t know about, and therefore didn’t include in the home value," Lukavich says.
This process "gives the agents an opportunity to assist the appraiser in making sure they have the whole picture of the home and gives the local agent an opening to help an appraiser be educated on specific local values,” she adds.
It's just another benefit of VA loans aimed at helping our service men and women buy the home of their dreams.

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