{"id":17943,"date":"2021-03-08T16:00:34","date_gmt":"2021-03-08T23:00:34","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=17943"},"modified":"2021-03-08T16:25:00","modified_gmt":"2021-03-08T23:25:00","slug":"can-you-waive-an-appraisal-when-purchasing-with-a-va-mortgage","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/17943\/can-you-waive-an-appraisal-when-purchasing-with-a-va-mortgage\/","title":{"rendered":"Can a veteran buyer waive an appraisal when purchasing with a VA mortgage?"},"content":{"rendered":"

Welcome to 2021 where offers are made above listing price and, to win the deal, the buyer waives the appraisal.\u00a0 When I was hired as a listing broker, I was able to get two of the offers to waive the appraisal<\/a> by asking their respective lenders to run the desktop underwriter program and try to obtain an appraisal waiver.\u00a0 Those were offers with owner-occupied, 25% down payment conventional loans.<\/p>\n

VA mortgages make some sellers wary because they require a document to be signed called the VA Amendatory Clause.\u00a0 If you are a California agent\/broker, we call that form the FVAC and it is in your ZipForms of Glide forms under FHA\/VA Amendatory Clause.\u00a0 It must be executed, with the accurate contract price, and signed by the buyers, sellers, and both real estate agents.\u00a0 It is part of the contract because it’s technically an Amendment.\u00a0 Why does this amendatory form “scare” sellers?<\/strong>\u00a0 This language may be why:<\/p>\n

It is expressly agreed that notwithstanding any other provisions of this contract, the purchaser shall not be obligated to complete the purchase of the property described herein or to incur any penalty by forfeiture of earnest money deposits or otherwise unless the purchaser has been given in accordance with HUD\/FHA or VA requirements a written statement issued by the Federal Housing Commissioner, Department of Veterans Affairs, or a Direct Endorsement Lender, setting forth the appraised value of the property of not less than $ _________. The purchaser shall have the privilege and option of proceeding with consummation of the contract without regard to the amount of the appraised valuation. The appraised valuation is arrived at to determine the maximum mortgage the Department of Housing and Urban Development will insure. HUD does not warrant the value or the condition of the property. The purchaser should satisfy himself\/herself that the price and condition of the property are acceptable<\/em><\/p>\n

What that means is that the veteran buyer does not have to follow through with the purchase if the property appraises below the purchase price.\u00a0 The veteran is ALLOWED to come in with the difference between the lower purchase price and appraised Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Welcome to 2021 where offers are made above listing price and, to win the deal, the buyer waives the appraisal.\u00a0 When I was hired as a listing broker, I was able to get two of the offers to waive the appraisal by asking their respective lenders to run the desktop underwriter program and try to […]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,5],"tags":[],"class_list":{"0":"post-17943","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-lending","7":"category-real-estate","9":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":11762,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/11762\/fha-va-tip-the-amendatory-clause\/","url_meta":{"origin":17943,"position":0},"title":"FHA\/ VA Tip: The Amendatory Clause","author":"Brian Brady","date":"April 13, 2010","format":false,"excerpt":"Here's a tip for real estate agents, when presenting an offer with FHA\u00a0 or VA financing; include the FHA\/VA Amendatory Clause to the Purchase Contract as part of the offer.\u00a0\u00a0 You'll save you, the seller's agent, the escrow company, the lender, and most importantly your buyer, a lot of last\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16310,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/16310\/if-the-condominum-is-not-va-approved-how-do-i-get-a-va-home-loan-offer-accepted\/","url_meta":{"origin":17943,"position":1},"title":"If the condominum is not VA-approved, how do I get a VA home loan offer accepted?","author":"Brian Brady","date":"April 4, 2013","format":false,"excerpt":"Many veterans in California purchase properties which are classified as condominiums.\u00a0 Some are large complexes, with professional HOA management, some are small complexes (under 6 units) with no monthly HOA fee and an informal cost-sharing agreement, and some are townhomes.\u00a0 All share on thing in common--they are listed on the\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":18696,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/18696\/lenders-can-help-realtors-get-offers-accepted-in-a-competitive-market\/","url_meta":{"origin":17943,"position":2},"title":"Lenders can help Realtors get offers accepted in a competitive market","author":"Brian Brady","date":"April 14, 2022","format":false,"excerpt":"Most buyers find themselves in a multiple offer situation in today's market.\u00a0 While the highest price often wins the home, other factors come into play--some buyers are waiving appraisal, loan, and even inspection contingencies.\u00a0 Selling agents who want to protect their buyers, while affording them an \"edge\" against competing offers,\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17470,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/17470\/listing-and-selling-a-san-diego-home-the-bloodhound-blog-way\/","url_meta":{"origin":17943,"position":3},"title":"Listing and Selling A San Diego Home The BloodhoundBlog Way","author":"Brian Brady","date":"January 19, 2021","format":false,"excerpt":"I am a California real estate broker.\u00a0 I don't sell a lot of homes and prefer not to have a robust brokerage business.\u00a0 My business partner (and wife of 22 years) and I make our bread by funding residential and commercial loans, the former in California and the latter nationwide.\u00a0\u2026","rel":"","context":"In "Enduring Interest"","block_context":{"text":"Enduring Interest","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/enduring-interest\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2021\/01\/frank-mckenna-OD9EOzfSOh0-unsplash-480x320.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":1324,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1324\/zillow-notes-fear-and-ludditism-advertsing-a-better-farming-strategy-and-more\/","url_meta":{"origin":17943,"position":4},"title":"Zillow.com notes: Fear and Ludditism, advertising, a better farming strategy and more","author":"Greg Swann","date":"April 20, 2007","format":false,"excerpt":"Zillow notes: Jay Thompson, The Phoenix Real Estate Guy asks \"Why do so many agents fear Zillow?\" He makes the same point in a BusinessWeek article on the Seattle-based Realty.bot. Brian Brady, America's Most Opinionated Mortgage Broker and a BloodhoundBlog contributor, covers some of the same ground: \"Is your Realtor\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16545,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/16545\/my-ideal-closing-date-is-always-yesterday-the-perfect-real-estate-listing-in-the-reckless-teenage-years-of-the-new-millenium\/","url_meta":{"origin":17943,"position":5},"title":"My ideal closing date is always yesterday: The perfect real estate listing in the reckless teenage years of the new millenium.","author":"Greg Swann","date":"October 1, 2017","format":false,"excerpt":"On Facebook of late I\u2019ve written about the idea of the perfect offer \u2013 the sum total purchase contract package most likely to win the de facto auction I am holding for my real estate listing. 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