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Complete Guide to VA Appraisals in Colorado
Why Are VA Appraisals Required in Colorado?
If you're using a VA loan to buy a home in Colorado, a VA appraisal is a required step in the approval process. VA appraisals serve two critical purposes:
- Determine Fair Market Value – The VA ensures that the home you're buying is worth what you're paying by comparing it to similar recently sold homes ("comps") in the local area.
- Evaluate Minimum Property Requirements (MPRs) – The appraisal ensures the home meets the VA's safety, structural soundness, and livability standards.
What to Expect During the VA Appraisal Process
- Lender Orders the Appraisal – Once you're under contract, your lender will request the VA appraisal.
- VA-Certified Appraiser Visit – The appraiser will assess the home's value and verify it meets VA MPRs.
- Comparable Sales Review – They'll compare the home to similar recent sales nearby.
- Appraisal Report Submitted – The appraiser submits findings to the VA or a Staff Appraisal Reviewer (SAR), who then issues the Notice of Value (NOV).
- Turnaround Time – In most areas of Colorado, the process takes 7–14 business days, depending on location and appraiser availability.
VA Appraisal Costs in Colorado
VA appraisal fees vary across the state, ranging from $400 to $1,200, depending on the type of home, size, and location. Buyers typically pay the fee upfront, but it's sometimes negotiable with the seller as part of the contract.
VA Appraisal vs. Home Inspection
It’s important to understand that a VA appraisal is not a full home inspection.
- VA Appraisal: Focuses on value and MPR compliance.
- Home Inspection: Offers a detailed report on the home's condition, systems, and potential issues not evaluated in the appraisal.
We recommend all buyers get a full home inspection in addition to the VA appraisal.
What Happens If the VA Appraisal Comes In Low?
If the home appraises below the contract price, here are your options:
- Renegotiate the Purchase Price
- Request a Reconsideration of Value (ROV)
- Pay the Difference Out of Pocket
- Use the VA Escape Clause to Walk Away Without Penalty
What If the Home Fails to Meet MPRs?
If issues are found:
- The seller can make repairs
- You can negotiate credits or fixes
- In some cases, a reinspection is required before the loan can proceed
Why Work with The Kenna Real Estate Group?
Kenna Real Estate Group is Colorado’s trusted expert team for VA homebuyers, offering step-by-step guidance from appraisal to closing. We know what appraisers are looking for and help ensure you're buying a safe, VA-eligible property with no surprises.
Frequently Asked Questions about VA Appraisals (FAQs)
Q: How long does a VA appraisal take in Colorado?
A: Typically 7–10 business days but can be longer depending on property location and availability.
Q: How much does a VA appraisal cost in Colorado?
A: Costs range from $400 to $1,200 depending on home size, location, and type.
Q: Is the VA appraisal the same as a home inspection?
A: No. The appraisal evaluates value and MPRs. A home inspection goes deeper into the condition and issues.
Q: What if the VA appraisal comes in low?
A: You can renegotiate, request an ROV, or cancel using the VA escape clause.
Q: What are MPRs?
A: Minimum Property Requirements, which ensure the home is safe, livable, and structurally sound.
Q: Can the seller pay for the VA appraisal?
A: Yes, this can be negotiated as part of the purchase contract.
Q: What happens if repairs are needed after the appraisal?
A: Repairs must be completed and reinspected before closing.
Summary of VA Appraisals
A VA appraisal is a critical part of the VA loan process in Colorado. It ensures the home is safe and fairly priced. With help from Kenna Real Estate Group, Colorado’s most experienced VA buyer team, you can move through the appraisal process smoothly and confidently.
Related VA Home Buying Articles:
- VA Loan Process in Colorado →
- VA Step-by-Step Guide in Colorado →
- VA Termite Inspection Guide →
- Best VA Loan Lender in Colorado →
- Buying a Home with No Money Down with a VA Loan →
Contact The Kenna Real Estate Group to start the VA home-buying process
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