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Terms in this set (40)Define appraisal problem.Determine the scope of work.Collect and verify the data.Analyze the data.Estimate the value of the site.Apply three approaches to value.Reconcile various value indicators to reach final value estimate.Prepare and deliver appraisal report.

Step 1: Define the Appraisal Problem In this first step, the appraiser identifies several assignment elements in order to enable him or her to identify the appraisal problem. Identifying the appraisal problem is an essential step, as evidenced by the number of times USPAP addresses the issue.

How long does a VA appraisal take? Depending on where you live, appraisals can take as little as seven and as long as 21 business days to complete. The VA sets timeliness guidelines for VA appraisers with set turnaround times based on where you live. Check the VA's website to get a sense of turn times in your area.

7 STEPS OF THE COMMERCIAL APPRAISAL PROCESS7 STEPS OF THE COMMERCIAL APPRAISAL PROCESS.Identify the problem.Determine the scope of work.Collect the data.Analyze the data.Estimate the land value.Form an opinion of value.Prepare an appraisal report.

The only way to check the status of the VA appraisal process and the final report is to check with your lender. Your VA lender will receive a copy of the report usually electronically as soon as a Staff Appraisal Reviewer (SAR) has reviewed it.

While conducting the appraisal, the appraiser will take pictures of all rooms in the home, the garage, and the outside of the home. They will also measure the home and examine its overall condition, upgrades, amenities, and any other aspects of the home of note.

8 of 10 - What is the final step in the appraisal process? determining value using the Income Approach. determining value using the Summation Approach.

After the appraisal is completed, the appraisal is submitted to the VA. It will be then be reviewed to determine the value of the property and that it meets all the guidelines set by the VA. Once this is completed, the final appraised value of the home, or Notice of Value (NOV), is then issued.

Most VA loans close in 40 to 50 days, which is standard for the mortgage industry regardless of the type of financing.

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Virginia Checklist - After the Appraisal Interview

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