What are VA timeliness standards for completion of a liquidation appraisal?
VA requires that liquidation appraisals be completed by the appraiser within five (5) business days of receipt of the assignment. The timely completion of liquidation appraisals is essential to ensure that servicers are provided with property value and other appraisal information necesary for foreclosure action. Postponement of foreclosure action due to an untimely appraisal may result in monetary loss to the government. What action should the appraiser take upon receipt of a liquidation appraisal assignment indicating the property is occupied? • Attempt to contact the homeowner or occupant as soon as possible to arrange for an interior inspection. If there was any delay, then document report, view property, and forward appraisal to VA. • If telephone numbers were not provided, or if the number provided was disconnected, then contact the [appraisal] requestor and ask for confirmation of the telephone number Document your call to the requester, and the reason for any delays. If there is
Related Questions
- There are serious problems with the condition of the home I purchased. Didn’t the VA inspect the property when performing the appraisal?
- Can I refinance my house up to the full appraisal amount or 100% loan to value (LTV) with a VA Mortgage Loan?
- What are VA timeliness standards for completion of a liquidation appraisal?
