General Requirements

Every VA appraisal must

·   be performed in a timely manner

·   conform to USPAP (Uniform Standards of Professional Appraisal Practice), and

·   meet the additional requirements (as outlined in this chapter) that VA considers to be supplemental to USPAP.

Timeliness

Appraisal Requesters must notify the fee appraiser on the same day as the appraisal assignment is made by VA (See Section 10.04, Step 3).

Fee appraisers must complete VA assignments as quickly as appraisals for conventional loans are completed in the area where the property is located.  An exception may be allowed in a particular case if

·   valid extenuating circumstances are documented, and

·   VA (or the lender’s staff appraisal reviewer in LAPP cases) is notified by the appraiser.

Note:  Liquidation appraisals must be completed within 5 business days.  Time needed to gain interior access (See Section 11.13) will not be counted against this standard.  VA will consider reasonable explanations for delays beyond the control of the appraiser.

VA offices will consider adding appraisers to the fee panel in areas where it consistently takes lenders longer to obtain a VA appraisal than a complete conventional appraisal.

Properties Not Eligible for Appraisal

Fee appraisers must not complete an assignment for a property that does not appear to be eligible to become the security for a VA-guaranteed loan without first contacting the lender involved or VA.

See Section 10.06