Existing or New Construction

A notice of value for property appraised as existing or new construction is valid for six months.  Rapidly fluctuating real estate market conditions may temporarily dictate the use of a shorter validity period.

Proposed or Under Construction

A notice of value for a property appraised as proposed or under construction is valid for 12 months.  Rapidly fluctuating real estate market conditions may temporarily dictate the use of a shorter validity period.

Veteran Under Contract

If a veteran signs a purchase agreement during a notice of value’s validity period, that notice of value will remain valid until that transaction is either completed or terminated.

Extension of Validity Period

VA will extend the validity period only when it is determined that current market conditions make it likely that the original value estimate will remain valid through the extended period.

Generally, extension requests will be sent to the VA office of jurisdiction, which will contact the fee appraiser involved, if appropriate, and issue an endorsement to the notice of value, if justified.