The VA appraisal, sometimes known as an inspection because of its strict standards isn’t as hard to pass as you may think. Many people mistakenly think that the VA is strict and makes it impossible to pass the appraisal, but there are ways. You just have to know what the VA requires.
The VA appraisal has two goals. The first is obviously to determine the fair market value of the home. This is to protect your interests as well as the lender’s interest. The appraiser must make sure that the home is worth enough for you to pay what you agreed to pay. The second goal is to make sure the home passes the VA’s Minimum Property Requirements. This is where people think the VA appraisal is impossible to pass.
Keep reading to learn how you can get through this process.
The VA Home Inspection Checklist
- Make sure the home is sound. This means that the structure is in good shape. Are there cracks in the foundation? Are the floors and ceilings in good condition? If they aren’t, work will need to be done to make them sound before a VA appraiser can pass the home for VA financing.
- Check out the roof and attic. Are they in good condition? The appraiser specifically looks for leaks, missing shingles, water damage, and mold. If any of these issues are present, the home won’t pass the VA inspection.
- Walk around the home’s exterior. Is everything in decent condition? If anything is damaged, it may not pass the inspection. The exterior is part of the ‘soundness’ of the home. For example, if the siding is cracked or the fence is missing parts, it won’t pass the inspection.
- Check all of the home’s systems. All plumbing, heating, and water systems must be in good working condition. Check all of the faucets, especially those that you rarely use. Also, check the furnace, even if it’s not winter at the time of your financing. Don’t forget about the septic system too.
- Evaluate the electrical system. Are all wires properly installed? Is everything grounded? Are there any exposed wires or inoperable electrical systems in the home? If so, you’ll need to fix them before the inspection.
- Check all of the appliances. Every appliance must be working. If anything is misfiring or just not working at all, make sure to repair them before the inspection.
These are the basic requirements of the VA home inspection. That’s not to say that a formal inspector won’t look at other areas of the home and/or find other issues. The above issues are those that would prevent you from securing VA financing on the home if they aren’t fixed prior to the closing. The issues above aren’t anything out of the norm and it should be expected of a seller to make sure the home is in good working order before selling it to anyone, let alone a veteran.