My buyer is purchasing my home through VA. I had a previous buyer who did a home inspection. The new VA buyer wants to use the inspection report already done, 4 months ago.
Can he utilize this report for his loan? Also, how long will it take for him to get an appraisal and loan commitment?
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Hello My Friend,
Thank you you for paying a visit to my site and asking these great questions.
When it comes to home inspections, this does not really have any bearing on the mortgage. Your previous buyer paid someone to do the inspection and must have provided you a copy for you to be able to offer it to your new buyer.
At any rate, the VA Home Loan has a list of things your buyer must meet before he/she qualifies. The home inspection you spoke about only give them something to go on as far as the condition of the house.
The VA will be sending out an inspector/appraiser to look at the house also. The lender will select this person and nobody but the lender will get a copy of his report.
He will inspect the house for safety and any major structure problems. For example the foundation, roof, mechanical systems etc. Also he will be looking for smoke alarms, GFI plugs, handrails on stairways and any trip hazards in the concrete outside.
As far as the time to get this appraisal done and a loan commitment, well that varies from lender to lender.
The normal cycle is around 60 days. However it does seem that lenders are slower now since this mortgage mess has happened.
Hopefully you find this helpful. If you do I would appreciate it if you were to like this page at Facebook or shout out a Tweet for me.
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