A "VA guaranteed loan" requires an appraisal to make sure the agreed-upon sales price or amount of the loan is justified. If you don't need mortgage financing, then an appraisal is usually not necessary. In the case of a new subdivision, the lender usually agrees to fund all sales transactions as part of the loan when the land was bought. If the buyer's credit is good enough, no extra appraisal is needed.
These are questions that the above text answers:
1. What is the purpose of an appraisal in a VA guaranteed loan?
2. When is an appraisal typically not necessary?
3. What is the lender's role in funding sales transactions in a new subdivision?
4. When is an extra appraisal not needed in a new subdivision?
5. What is the requirement for an appraisal in a VA guaranteed loan?
6. What is the condition for not needing an extra appraisal in a new subdivision?
7. When is an appraisal necessary in a VA guaranteed loan?
8. What is the lender's responsibility in funding sales transactions in a new subdivision?
9. What is the role of the buyer's credit in determining the need for an extra appraisal in a new subdivision?