VA manages how much a Veteran can pay for an appraisal and sets time lines on how long a VA appraisal can take. The fee for Washington state has been $500 for an appraisal with up to 10 days for the appraisal to be delivered. Before the appraisal crisis, many would often complain about how long it took to get a VA appraisal…however, 10 days to receive an appraisal for $500 would now be a dream come true.
Well get ready for higher VA fees and for the turn times to take longer. VA just issued a notice that effective November 1, 2016, the cost for an appraisal for a single family home utilizing a VA mortgage will increase to $800! In addition, appraisers will be allowed 14 business days to complete an appraisal (up from 10 business days).
With VA increasing their appraisal fees, I don’t see the current pricing for other residential appraisals going back down to where they were before this crisis.
Honestly, I wish Congress would start regulating the cost and time frames with conventional and FHA appraisals. They should just “own it” as, in my opinion, they have had a lot to do with the current crisis the appraisal industry is in with the over-regulating.