Va Fee Panel Appraisers Handbook
DO NOT CONTACT ME! READ THE INSTRUCTIONS. If anyone wants to apply for the VA panel, they can send a request to 39/va262@va.gov and ask for the application package. For more information regarding the recruiting process and to download the application, visit Fee or Roster Personnel Designation Application. The VA appraisal fee equals. Buyers will usually need to pay for the appraisal upfront. That fee varies by state of purchase and type of home (single-family vs. Manufactured home), but plan for $300 to $500. You can try and recoup this fee at closing as part of your negotiations with the seller.
13 years a VA panel appraiser. I waited 7 years to get on the panel. VA work was my principal job but now with more appraisers being added it is no longer my prime account.
I still get 10 to 12 assignments per month. My worst delinquencies are VA liquidation assignments. Have some more than 1 year old and our regional office no longer has time to assist us with collection calls. I recommended three appraisers to the VA and all three made it onto the panel. The youngest is in his 30s. Four members of my extended family are on the panel.
This is a good area for VA work with five (5) active military installations and lots of military retirees here. Initial training meeting followed by two years of probation. Annual meetings in Denver usually in the fall. The Denver regional office handles 8 states and they have cut their staff by 50%.
While you might not get a lot of assignments, it will increase your work so stick with it. So much depends on how active your VA market is. Around here VA appraisers are looked down on rather than up because we have been able to work with relatively little lender pressure in the past. Now the VA wants us to be 'the new friendlier VA appraiser' and work with the lenders and REALTORS速 as our point of contact. If you are coming in below contract or refi amount needed.call first and discuss it with the POC. I got on the panel in January. I've done 10 VA's so far, 6 of them liquidation, 2 new construction sales and 2 plain old re-sales.
I have found them time consuming, and most of them are farther away from my office than I would like to drive, but I enjoy a challenge, so I love doing them. Back in the 1980's and 1990's I was a VA management Broker - I managed anywhere to 300 to 400 foreclosed houses at any given time, so I am accustomed to the buracracy.
It just so happens that several of the supervisors that worked in the property management department then work in the Construction Valuation department now, so it helps that they know me and I know them. I have been able to call them and ask advise. One of them called me the other day (ok, about a month ago) and said he grabbed a handfull of my appraisals and was going out to review them.
He said if there were any problems, he would definitely let me know. I haven't heard from him yet! I just received my VA Approval yesterday, and I am 36. I am very excited about the opportunity to say the least. My approval states that I need to review the handbook and register on the TAS system. Then, I will need to email a sample appraisal containing VA verbiage, including a liquidation addendum in its appropriate location on the URAR. Afterwards, I will begin receiving work.
I would really like to take a seminar and/or have a VA Appraiser to help me get going. I need to read the handbook and learn the verbiage very soon, before I start receiving work. I do not want to be removed.
Ric, I lasted two months with them.too much aggravation on the time clock/turn around end and too much additional work for the money. Wait until you get a condo.a big extra $25 bucks for reading the documents and the minutes of the HOA meetings and then passing judgment on the adequacy of the budget.once again not for me. If you look at the new Fannie condo form you can see VA's hand in the budget comments section.scary. I would suggest reading the VA Lenders Handbook and getting a copy of the 2005 Fee Appraiser and Staff Appraisal Reviewer Training Guide. That will answer most if not all of your questions. I have a 2005 copy for the Cleveland Office but I think you may be under Roanoke.
Maybe Don Clark can help you out with a copy. If you PM me I could copy the Cleveland one and send it to you. Also, if I remember once you log into TAS, the current copy of the Guide may be online for downloading. I can't get into TAS to verify that anymore but it might be worth a look to see if it is there. If it is, you could print the PDF file.
Just get ready for those 4PM Friday faxes for the repair inspection order on the loan that's closing Monday morning.:rofl: And of course, the favorite statement.the poor vet, he just has to close by Monday morning.so you go out Saturday and the repairs aren't done right.then you go back Sunday so they can close Monday.that was it for me. I quit after having to stand there and watch the real estate sales person paint the peeling window frames because the owner refused to do it. Ric.congrats on being accepted as a probationary appraiser for the VA panel. I would suggest the following: 1. Did you have a letter of recommendation from an existing panel member? If so, ask him/her for a sample of the typical VA comments. Find out when the next training session is to be held and attend it.
Remember, VA is very concerned with 'timeliness' They will expect you to do their work first. Ask questions, if in doubt. Don't assume you know the answers as the VA does things their way.
Va Appraiser Panel Application
Just out of curiosity.how long have you been appraising and how long have you had an application on file with the VA? I wish you well.
Charlotte, They threw me in with no training at all. Actually, I got my approval letter from the VA in the mail in May of 2004. I decided to try to mess around with TAS the day I got the letter. I found one appraisal already assigned with the time clock ticking.not a good way to impress a client with turn around time. Basically, I'm spoiled. I don't work for any 5 day turn time lenders and I found VA was taking too much time away from my other volume clients.
For one VA a week it just wasn't worth sacrificing my other clients for VA. It's the hardest $300 I ever worked for. I guess that's why all my VA appraiser friends have VA as their only client.they can afford to jump when they have to. And that RAM thing they love so much.you know where that can go. Ric; If the sample appraisal you mailed to Atlanta was accepted you are pretty much on the track.
If you have any questions call the RLC or send them an email and they will help you. Now understand that your RLC is the most understaffed of all the VA RLC's and it may take a little time to get through to them and the rep you talk to may sound a little short but don't let that bother you. If you don't have the lenders hand book email, pm or call me and I will give you the link.
I will also try to get you the appraisers handbook but the meeting is in August and I don't have a copy of the new one yet.
Appraisal value? Buying a home isn’t as simple as signing a purchase contract and packing a few boxes. All parties to the transaction must be fully on board with the purchase. And a VA lender will refuse to step on-board if a property’s value falls short of the loan amount. Should the, buyers must either make up the difference in cash, renegotiate the purchase price or walk away from the purchase. So how does the VA appraiser calculate the value of your desired property?
It all boils down to four key steps. If you’re headed into the VA appraisal process, you should understand how that value is calculated. Step 1: Gathering Information The first step for a VA appraiser is to gather pertinent property information. Some of this information is gathered from the contract or public records, but much of the data comes from the appraiser’s visit to the property. The appraisal report lists details such as:. Days on market. Contract price.
Any seller concessions. Neighborhood characteristics. Utility details. Needed repairs. Condition of the property The report is supplemented with photos, a location map, and a floor plan layout. And while those are important details, the most critical component of the appraisal is the one that can easily derail a VA purchase: The comparable sales analysis. VA appraisers will compare the subject property to three similar homes that have recently sold.
Step 2: Selecting Comps “At least three confirmed closed sales of comparable properties must be utilized. Ideally, the comparable sales should bracket the subject’s Gross Living Area (GLA) and estimate of value.” – The VA utilizes the “sales comparison approach” to value. In layman’s terms, that means the VA appraisal value is determined by the final sales prices of similar homes. To arrive at this value, VA appraisers must select comparable sales.
These are recently completed sales that are similar to the subject property in:. Market area: Appraisers should compare homes with similar physical, economic, locational and legal aspects. Style: Appraisers should try to avoid comparing a 4-story home with a bungalow. Age: Comps should include homes from a similar period.
Square footage or size: A home of a similar size is a better comp than a much larger or smaller one. Other features: Appraisers try to compare homes with similar features like basements, porches or decks. Comparable sales need to be recent sales.
Va Fee Appraiser Handbook
The VA recommends comp sales to be no more than 12 months old, and ideally less than six months old. Comps should also be close to the subject property.
Hud Appraiser Handbook
Proximity recommendations vary by location and population density. Paul Regional VA Loan Center, for example, prefers comps to be located within one mile of the subject property.
Step 3: Making Adjustments “Generally, good comparables require minimal adjustment for individual feature differences and a minimal total net adjustment.”- The VA appraiser makes adjustments to the subject property’s value based on both the sales prices and characteristics of the comps. If the subject property has something the comp does not, a positive adjustment is made to the comp for that item. The reverse is also true: If the comp has something the subject property is lacking, a negative adjustment is made to the comp for that item.