VA Appraisal Process EXPLAINED!! (BY A VA APPRAISER)

#valoans #preapproval #realestate
If you've ever wondered how the VA Appraisal works here is your chance to hear directley from a VA Appraiser!
My hope and goal is this video helps to inform, empower, and educate Veterans and Real Estate Professionals.
Serving Veterans is my civilian MOS! Need a mortgage or want to discuss your scenario? We are licensed and serving Veterans in 48 states for purchase and refinances.
Here is how to contact me:
1. Check your eligibility and receive a personalized evaluation of your VA Loan: connect.valoan...
2. Email me at [e-mail]
3. Call me 602-908-5849
Instagram- / jimmyv____
Facebook- / valoansforvets
Jimmy Vercellino, Mortgage Loan Originator/Regional Residential Mortgage Director NMLS 184169 at First Western Trust
Corporate NMLS 477166
This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Lender.
3602 E Campbell Ave, Phoenix, AZ 85018
Equal Housing Lender- For licensing, go to www.nmlsconsumeraccess.org
Top 1% VA Lenders in the Nation
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MUST WATCH! Actual VA Appraiser Interviewed: Jimmy goes one-on-one with Jay Joseph's, a licensed VA appraiser.
#vaappraisal #vaappraiser

[@JimmyVercellino]

0:44 -- What Veterans are told about VA Home Loan Appraisals 1:32 - Jay explains the VA Appraisal process as a whole 2:44 - How long does a VA Appraisal take? 4:22 - How do VA Loan Appraisals compare to FHA and Conventional Appraisals? 5:58 - VA Loan Appraisal Process is Better than Conventional & FHA Appraisals 6:08 - VA Tidewater Process 7:58 - Realtors should more comfortable using VA Appraisals 9:08 - Reconsideration of Value ‘ROV’ 11:00 --VA Minimum Property Requirements - ‘Chipping Paint’ ‘Electrical Plates’ Things that can get called out on a report 15:45 --VA Appraisals and Pool Requirements 17:03 -Jay talks to Veterans about where the market is headed and what expects to see in the future 19:06 - Jimmy talks about the ‘New Normal’ in the market and what that means for Veterans and VA Loans 20:12 - Real Estate Values have always gone UP

[@Ryan04ism]

I just went under contract for a new home its my first home and the seller paid the 12k closing cost so I had to bring nothing to the table when closing comes which is great. this channel has helped me out to get through the process without fear

[@JimmyVercellino]

This brings me great joy to hear Ryan! Congrats on your new home and sucessfully negotiating 12K in seller concessions! That's a really big deal!

[@Ryan04ism]

@@JimmyVercellino i contribute that to watching your videos

[@btime7220]

Thanks for doing this, I am going trough the process now and a VA appraisal was just ordered. This was great

[@JimmyVercellino]

Love it!

[@bon2198]

Another huge benefit to a VA appraisal is that appraisal sticks with the property for 6 months. That also covers FHA. so, if your appraisal comes in low, the seller is leveraged to deal with the buyer because if not, they are pretty much forced to only go with conventional.

[@JimmyVercellino]

Thanks for the comment! You're right. This used to be the case as VA appraisals would say "to any qualified veteran" now there in the name of the Veteran so any veteran can go into a home and get a new VA appraisal.

[@Dee_Znutz_00]

Great video! I've been looking for something like this since I was told that mortgage lenders don't like VA loans because the appraisals are so stringent.

[@JimmyVercellino]

Glad it was helpful! Don't let them get away with that nonsense!

[@nayibdumar6849]

Dude you’re the best resource on KZbin thus far. I appreciate your channel tremendously. Semper Fi

[@JimmyVercellino]

Semper Fi brother! I appreciate you.

[@Operation3Sixty]

The VA appraisal has made me nervous about this process becoming ive heard they are very strict. But this video has made me feel more positive about it

[@JimmyVercellino]

Love it!!

[@vincentseman8008]

I stumbled upon your channel recently and subscribed. Your videos are informational and really great to see someone has a strong focus in helping veterans. Thank you!

[@JimmyVercellino]

I appreciate that! Here to answer any questions you may have!

[@geoffr72]

Thank you so much for doing this!!

[@JimmyVercellino]

💪💯

[@joijoi617]

1:05 we are targeted

[@phuong_TL]

I learned so much!. Thank you for educating us!

[@JimmyVercellino]

Glad it was helpful!

[@user-ce3cw3vb9y]

Im currently going through a purchase had a few questions on appraisers. All of them was answered thanks. ❤

[@JimmyVercellino]

That's what I'm talking about! So happy to hear that. Blessings!

[@thisfloridagirl5280]

How do you not have more views?

[@JimmyVercellino]

💪💯❤️

[@thisfloridagirl5280]

@@JimmyVercellino are you licensed in Florida? I need help

[@JimmyVercellino]

@@thisfloridagirl5280 yes - we’re licensed to lend in FL and I can personally assist.

[@Karlostorres1994]

Great video, thanks Jimmy

[@JimmyVercellino]

Glad you enjoyed it

[@JLMorales4]

How early in the process of construction(meaning before completion) can the Va appraiser do the actual appraisal?

[@JimmyVercellino]

Hello Jorge, good question. Typically once they have the plans, renderings, schematics, and bid they should be able to appraise the property on a TBD format.

[@JLMorales4]

@@JimmyVercellino jimmy thank you for answering my question.

[@jonparker4108]

Hi. What if the veteran is wanting to buy a home that is a little bit of a fixer upoer. Say needs paint or drywall, maybe floor or roof needs some work. Is the veteran going to be turned down on a home loan via a bad appraisal for these kinds of things?

[@JimmyVercellino]

Hi Jon! Thanks for the comment. Not necessarily. VA will be looking to ensure that the property is safe, sound, and secure. As long as you check those 3 boxes you will not have any issues.

[@BrendanDennyhvac]

Great video! Thank you from Connecticut!

[@JimmyVercellino]

Appreciate that Brendan!!

[@farmboi6376]

My debt to income ratio isn't great but I own alot of assets and real estate with no mortgages. I want to refinance a house I have in my llcs name for a primary residence. The house is worth 375k to 400k and I'm looking to get about 300k in the refinance and then pay off the hard money loan (175k) with the refinance . Any advice or thoughts? Thanks Jimmy great video!

[@JimmyVercellino]

Hey Farm Boi - That sounds like that could possibly be done. I would need to learn more about your scenario by reviewing tax returns among other items. Best thing to do would be to contact my office at 602-908-5849 along with emailing me at [e-mail]

[@wesalmeidarestorations8128]

Great video of some really useful info. Thanks for your support.

[@JimmyVercellino]

Glad it was helpful!

[@wesalmeidarestorations8128]

And thank you for your service

[@JimmyVercellino]

Thank you Wes!

[@charlesbaran1364]

How do you get a VA inspector? I paid for a home Insp- they called out a water leak...potentially mold in a restroom subfloor... How does it get inspected?

[@JimmyVercellino]

The VA appriaser will likely be able to detect this.

[@leshaherbin6659]

GOOD STUFF!

[@JimmyVercellino]

That's what i'm talking about!!

[@pbendler]

What about homes that have non permitted additions.

[@JimmyVercellino]

Good question. The appriaser will not give non permitted addtions any value.

[@Brad_Surfs_ILM]

Good to go. Thanks for looking out for Doc.

[@JimmyVercellino]

You got it Doc -- Jimmy

[@loganhoffman3218]

My VA appraisal has taken over 30 days since it was started. I’m trying to get information from lender but they are saying sometimes it takes this long. What should I do?

[@JimmyVercellino]

I would contact that VA Logan. Where are you located? Try reaching out to the VA direct at this email [e-mail]

[@betoo0311]

I just got a regular appraisal, how could I get someone like out in SoCal to appraise my house ? Thanks in advance for the intel. Been a great value .

[@JimmyVercellino]

Happy to hear. VA will assign a contracted appraiser to appraise the home.

[@tishanekerr3149]

Hi Jimmy, amazing video, it was very informative! I do have a question for you. Do VA loans still get approved for the pre approved loan amount if the appraisal comes in at or above that value but less than the overall purchase price of the home? I know for conventional loans, it’s a situation where the buyer would need to cover the difference, renegotiate the price or walk away. However I am getting conflicting information regarding VA loans that the loan will not be approved even if the appraisal is higher than the pre approved loan amount but less than purchase price for the property. I would really appreciate your feedback, thanks so much.

[@JimmyVercellino]

Hi Tisha - great question. So here's the deal the lender will only approve the purchase price, or appraised value, (whichever is less). If there is a shortfall the Veteran does have the option to cover the difference.

[@tishanekerr3149]

Thank you very much for this

[@user-dv2hg5ns9c]

I have a question for Jay, how does a VA appraiser go about an appraisal for a home that has a private spring water system that is the only means of water to the home?

[@JimmyVercellino]

That's a good question. I would actually have you reach out to the VA directly for that type of question. You can email '[e-mail]' [e-mail]

[@GreigRodriguez]

Came across this channel by chance. Can’t appreciate your information enough. We are in the process of purchasing a home in GA. I am a little concerned (and the seller too) that the driveway is gonna fail the appraisal. What’s your experience with having a driveway cause a lender/seller to back out?

[@JimmyVercellino]

Happy you found me Greig!! Tell me more about the driveway?

[@kimmi608019]

Hi, when does the appraisal comes in? During the purchase process or after? Because, if there are some things that need to be addressed , we need a frame time. Thanks

[@JimmyVercellino]

Hello Jose, the appraisal comes in durning the escrow process typically within 7-10 business days after order. This should give you time to address any would be issues with the appraisal in advance of your closing. Please let me know if I can answer any other questions.

[@winnidepooh21]

Is this appraisal process also used for those refinancing from another loan to VA?

[@JimmyVercellino]

Yes, that's correct.

[@myobmyob2215]

So if the property is not up to snuff does this stop the buyer or the seller or both? EX How could a vet buy a homestead with a VA loan if it's neglected/abandoned/needs work, is there another way? Thanks

[@JimmyVercellino]

Hi - if there are VA repairs needed those will always need to be cleared prior to moving forward.

[@joijoi617]

2:16 WEB LGY ORDER

[@JimmyVercellino]

That's it!

[@joijoi617]

2:15 not employees of the VA.

[@JimmyVercellino]

Amen!

[@annaguilar7799]

Is a musty basement a health hazard?

[@JimmyVercellino]

It could be called out by an appraiser and could be an item considered conducive to infestation (excessive moisture).

[@emmettross940]

How much generally is cost of VA appraisal and for an ROV VA appraisal in Texas circa 2022-2023. And is there a time limit to request an ROV from the time of receiving a totally poor appraisal.

[@JimmyVercellino]

Good question, VA appraisal will typically vary from state to state. I would anticipate you would be around $600.00 or so. You'll want to request the ROV asap and not delay that.

[@joijoi617]

1:55 Joseph’s appraisal group

[@JimmyVercellino]

He's the man!

[@joijoi617]

0:55 yep

[@JimmyVercellino]

thanks for watching!

[@joijoi617]

7 WORKING DAYS

[@JimmyVercellino]

ding ding ding!