The upcoming VA Loan changes for 2023 are creating a buzz! With the entire real estate market undergoing some exciting changes, benefiting buyers, sellers, and investors alike, one change we will see is the VA Loan appraisal changes for 2023. This process remodel is being implemented to help make offers using a VA Loan more competitive and facilitate faster closings. The introduction of tabletop appraisals, which has been common practice with conventional loans has opened up new possibilities for both lenders and borrowers! As we move through the new year the Department of Veterans Affairs will be pushing out more specific guidance.
VA Loan Appraisal Options
For now, what we do know is that tabletop appraisals allow for a fast and affordable appraisal of a property without the need for an on-site inspection. This type of appraisal utilizes public records, photos, property titles, recent sales in the area, and other sources of data to provide an accurate estimate of the home’s value. This is especially beneficial for those looking to refinance their VA loan quickly or for those who live in rural areas where access to an on-site appraiser may be limited.
Consider how to make your sales and purchases stronger!
In addition to these appraisal changes, other advanced technologies that connect buyers and sellers will make for a great year! Technology is becoming increasingly important in transforming how people purchase homes by creating more transparency throughout the process. Now, with the appraisal process encompassing it, we are seeing the VA loan process aligning with both buyers’ and sellers’ needs. Additionally, virtual tours for VA Loan users relocating during transition times are becoming more popular, as they help buyers get a better understanding of a property before committing to purchase it.
Stay tuned for Future Changes
As the guidance is released by the Department of Veterans Administration be watching for how this new opportunity can be utilized in your next purchase to make the next move smoother and get you a quicker closing!
