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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Real Estate Law
Satisfied Customers: 17500
Experience:  B.A.; M.B.A.; J.D.
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Buying a home in Orlando Fl, had time switch from various to

Customer Question

Buying a home in Orlando Fl, had time switch from various to conventional loan due to buyer of my home backing out and I wanted to procedure with the current purchase since inspections and appraisals have all been done and paid for. Now our funding agent called and is delaying the closing, supposed to be 5 August, due to another appraisal is required since it is not a VA loan. Why isn't one appraisal good enough to serve whoever the founder is. The delay is costing me time and money. Please help me understand something that just does not seem right! Thanks
Submitted: 4 months ago.
Category: Real Estate Law
Expert:  Maverick replied 4 months ago.

Welcome! My name is Maverick. Please give me a few minutes to analyze and/or research your inquiry and I will be back.

Expert:  Maverick replied 4 months ago.

A different appraisal is often required because some lenders are concerned with more than just property value. For example, they may also want the appraisers to look for things like handrails on steps, broken windows, lack of screens, evidence of rodent infestation and other issues that don’t affect a VA appraisal to the same degree.

Customer: replied 4 months ago.
That's the most ridiculous answer I have ever heard and it definately doesn't meet a common sense line of thinking. I can possibly understand the VA loan requiring a more demanding appraisal than that of a conventional loan, but still, when bying a home, no matter who the underwritters are, the appraisal and inspection process should be the same across the board. Where can this be addressed, that way it might be worth paying $59 for something that leads home buyers out of the forest of stupidity and onto a road of knowledge.
Expert:  Maverick replied 4 months ago.

I did not just dream the answer up.

Expert:  Phillips Esq. replied 4 months ago.

A different Professional here. I used to handle mortgage closings for lenders.

I am not sure why another appraisal is being requested if the first Appraiser was approved by the lender. The first appraisal is sufficient if it is done within 30 days of the closing. No additional appraisal is required. Whether or not the loan is VA or not VA loan, only one appraisal is necessary.

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