The field of real estate assessment is popular since it does not require a university degree but may still give a comfortable living.
If you are a qualified appraiser in Florida, you can expect to make around $54,000 annually. However, the highest-earning 10% make closer to $90,000 annually. Working for yourself allows you to control your schedule and earnings. But if you value security over high pay, an assessment business is a good place to work.
You can become a Florida appraiser as long as you are at least 18 years old, have a valid Social Security number, and have a high school diploma (or its recognized equivalent). Now all you have to do is stick to these easy instructions.
Becoming a VA-certified home appraiser is a great path for veterans looking to enter the real estate industry. Appraisers are crucial in the home-buying and -selling processes because they establish the property’s fair market value. To assess homes for VA loan purposes, an appraiser must undergo additional training and pass a certification process.
This article will discuss the requirements for becoming a VA-certified home appraiser, as well as the perks and prospects in this field for veterans. Although becoming a VA-certified home appraiser may seem like a tall order at first, veterans who put in the time and effort to get the necessary knowledge and expertise may make a significant effect on the housing market.
Who is a VA-Certified Residential Appraiser?
It’s a challenging and satisfying career path to become a VA-approved residential appraiser. Certified by the Veterans Administration, a residential appraiser determines a home’s fair market value for a variety of uses, including buying, selling, refinancing, and taking out a loan. For the benefit of all parties concerned, especially the veteran borrower and the VA lender, these assessments are carried out to offer an independent, unbiased, and objective evaluation of the worth of the property in question.
In what ways useful is the service of a VA-Approved Home Appraiser?
To realize its primary goal of assisting veterans in becoming homeowners, the VA loan program relies heavily on the work of VA-certified residential appraisers. A VA-approved residential appraiser’s determination of the property’s valuation can help veterans avoid default and foreclosure by assuring them that they are purchasing a home at a reasonable price. It is the appraiser’s responsibility to verify that the borrower is a veteran and that the property being acquired satisfies the VA’s minimum property standards before approving a loan.
Pros of Being a Certified Home Appraiser by the VA
Many doors will open for veterans who choose to become qualified VA residential appraisers. Some of the advantages of this position include:
Safety on the Job:
There will always be a demand for qualified appraisers because the VA mandates that all assessments of residential properties be carried out by a VA-certified appraiser. This has the potential to safeguard careers in the industry.
Potential for Significant Gains:
According to the BLS, real estate appraisers and assessors made a median annual pay of $60,830 in May of 2023. Due to the increased demand for their services, residential appraisers who have obtained VA certification typically receive higher pay.
Flexibility:
Since many VA-approved house appraisers are independent contractors, they can choose their own hours and work anywhere they like.
Veterans Aid:
By becoming a VA-approved house appraiser, you can give deserving veterans a leg up in the housing market. You can guarantee that they are receiving a good bargain and can afford the house of their dreams if you provide them with a reliable evaluation.
Career Enhancement:
The VA mandates that all certified appraisers participate in continuing education in order to keep their credentials current, which opens doors for both.
Happiness on a personal level:
Appraising homes for the Veterans Administration may be a rewarding career for someone who thrive on challenge and precision. Each evaluation is different and needs thorough planning and consideration.
Important Information Regarding VA Appraisals
Do you want a study aid to help you out? Here are eight facts regarding the VA appraisal that buyers and agents need to know.
On your search for a new house, you may encounter several options. However, you cannot decline the VA appraisal if you are utilizing a VA loan to finance the purchase.
A VA-approved appraiser must inspect any property being acquired with a VA loan. Your VA lender will initiate the appraisal process by submitting a request, setting up an appointment, and communicating the results to you.
An appraiser for the VA must do two things:
- Estimate the home’s worth in today’s market. The market value of the property is information that your lender will want. Both purchasers and lenders might benefit from knowing the current market value to avoid paying too much for a home or giving borrowers a “upside-down” mortgage. For this purpose, the appraiser looks at recent sales and current market trends.
- Check that the home is up to VA standards for minimum property requirements (MPRs). All attributes must follow the VA’s specific set of MPRs. Homes acquired by veterans must comply with these general requirements to assure their safety and readiness for occupancy.
The cost of the appraisal is often covered by the buyer. The cost of an appraisal can be $600 or more, depending on the state you’re buying in and whether or not you’re buying a condo, a prefabricated home, or a single-family house. You can try to get this cost back from the seller at the time of closing if you’re using a VA loan. 4. VA appraisals are typically finished within 10 days. In any case, expect more.
The average VA evaluation turnaround time is ten days. However, processing timeframes might vary widely depending on location, and the enormous volume in recent years could potentially delay your project.
The VA publishes “timeliness requirements” for each state regarding appraisals, however they are more like suggestions than mandates. Keep in mind that the appraiser may need to return for a second inspection if repairs are necessary, which might push back the closing date.
The VA appraiser verifies that the property is:
- Safe
- A solid structure
- Sanitary
Take note that “perfect” is not one of the descriptors. The VA appraiser has no obligation to guarantee that the property is without defects. The house should be habitable, but once you sign the papers, expensive problems might appear out of nowhere.
You may read more about the MPR standards that the VA appraiser will use to properly evaluate your home by clicking here. However, a professional house inspector would usually do a far more in-depth and thorough study.
A qualified home inspector will provide detailed descriptions of all deficiencies, whereas the VA appraiser will often stick to what is on the MPR checklist. The inspector takes pictures of defects, provides advice, and may even provide a repair cost estimate.
Never embark into a real estate transaction without first having a competent house inspector provide a report detailing any issues they may have found. Some purchasers wait for the results of the home inspection before committing to a VA appraisal.
The VA evaluation process usually moves fast and smoothly. However, this is not always the case, and buyers should be aware that the VA appraisal results might alter the course of their acquisition. Think about these possible problems:
The building does not adhere to MPR standards. Buyers have many choices if the appraiser recommends work be done to bring the house up to Minimum Property Requirements (MPR). They can try to persuade the sellers to perform the necessary repairs, seek into other means of financing the work, or just back out of the deal.
There is a discrepancy between the loan amount and the assessment value. Again, purchasers have options if the appraised value is lower than the desired loan amount. Purchasers can:
- Make a deal with the vendor for a cheaper price.
- Spend more money to close the gap
- You should back out of the deal.
- Request a Reevaluation of Benefits from the VA
There is no reason to be afraid of the VA appraisal process unless you come into it unprepared, despite the fact that it can have a significant influence on a home purchase.
A VA purchaser who lacks information is setting themselves up for failure. A bumpy ride is possible if you want to do any of the following:
- Buying a property that needs work
- A purchase of farmland
- Investing in a Second Home
- Investing in a non-qualified property
- Avoiding the Real Estate Broker
- Using a VA lender that lacks experience
But if you know your way around VA MPR requirements, have a real estate agent who knows the market, and are dealing with a savvy VA lender, you’re in for a profitable enterprise. You’ll soon be enjoying the many advantages of VA home loans, such as no down payment requirements, no PMI, lenient credit rules, and reduced closing fees.
How to Get Your Home Appraisal Certified by the VA
The Department of Veterans Affairs (VA) has several qualifications that must be met before a person may become a certified VA home appraiser. Here’s a rundown of what has to be done:
First, get your required education:
The VA requires that anybody who wants to become a certified home appraiser take a 150-hour course that will teach them the fundamentals of the profession. The course can be taken either online or in-person through a VA-approved provider. To become a VA-certified home appraiser in the United States, you must meet the minimal academic criteria established by the Appraiser Qualifications Board (AQB) of The Appraisal Foundation.
Referring to either the VA’s list of authorized education providers for veterans or the AQB’s list of approved education providers for all appraisal licensing categories will help you determine whether or not the program you’re interested in is recognized by both organizations.
Acquire Competence:
The veteran then has to obtain expertise in residential real estate evaluation after finishing the necessary academic requirements. It takes at least two thousand hours of expertise, which may be gained over a period of 12 to 24 months. A qualified appraiser must oversee your work throughout this time period.
Third, get certified by passing the National Exam for Certification and Licensing:
The Appraisal Qualifications Board (AQB) administers the National Uniform Licensing and Certification Exam; if you meet the academic and experience prerequisites, you must take and pass this exam to become a licensed appraiser. The test is a computer-based multiple-choice test with 125 questions.
Get Licensed by the State:
Veterans who have already passed the national test are still required to become licensed by the state in which they intend to work. As part of the certification process, you may be required to take and pass a test designed specifically for your state.
Initiate the VA-Certification Process:
Veterans-to-be who have completed the necessary training and education must then apply for VA certification. As a component of obtaining a license, you will need to submit an application and undergo electronic fingerprinting through a state-approved service, such as the Florida Department of Law Enforcement (FDLE). In addition to completing the National Uniform Licensing and Certification Exam, applicants must provide documents such academic transcripts and work experience records. Documents submitted to the VA will be reviewed to ascertain whether or not the applicant fulfills VA certification requirements.
Conclusion
A profession as a VA-certified residential appraiser may give a veteran a sense of meaning and fulfillment after serving their country. In exchange for your time, effort, and commitment, you may have the freedom to work whenever you want and for as much you want. Appraisers are required to have a solid grasp of the concepts and practices of residential property valuation thanks to strict educational and work experience standards. As an added bonus, becoming certified in VA might open up more doors professionally and help you stand out from the crowd.
Veterans interested in pursuing a fulfilling career as home appraisers can do so by following the procedures mentioned in this article and earning the required credentials and certifications. There are numerous credible education providers and organizations that offer training and assistance, and the VA provides support and tools to help veterans through the certification process. For veterans interested in a rewarding and demanding career in real estate, being a VA-certified home appraiser is a good alternative.