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Saint Paul Regional Office
Regional Loan Center
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Frequent Problems
| Lender/Client |
- The lender/client section of the URAR should always read “Department of Veterans Affairs."
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| Intended User Address |
- The intended user address section of the URAR should always read, “Any VA approved lender.”
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| "Any Qualified Veteran" as borrower |
- Per RLC Memorandum 07-05, rather than using the veteran's name as the borrower, appraisers should enter the phrase "Any Qualified Veteran." Please refer to the memo for further information.
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| Market Analysis Considerations |
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| "New" Versus "Proposed" or "Under" Construction |
- New construction cases differ from Proposed or Under construction in that all newly-constructed properties should be valued as-is or as-repaired. Completion per plans and specs should not be an option for newly-constructed properties. Please refer to Chapter 13 of the Lender’s Handbook for specific guidelines regarding the classification of properties for VA purposes.
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| Liquidation Appraisal Procedures |
- All liquidation appraisals should be completed “as is.” Furthermore, all liquidation appraisals must include a complete liquidation addendum. This addendum must include a list of repairs with corresponding contributory value, occupancy status, written log of attempts to gain entry (if entry was not gained), and information regarding necessary competitive listings. (Note: entry must be gained if it is determined that property is vacant).
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| Site Value |
- VA no longer requires a site value on an appraisal unless it is part of a full cost approach analysis.
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| Reviewed/Updated Date: August 8, 2008 |
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