Buying or selling a home in Monument with a VA loan? The appraisal can feel like a big unknown. You want to protect your budget, avoid delays, and make sure the property meets VA standards. In this guide, you’ll learn exactly how VA appraisals work in Monument, what the appraiser looks for, how long it takes, and the smartest ways to handle repairs or a low value. Let’s dive in.
What a VA appraisal does
A VA appraisal serves two purposes: it confirms a fair market value and checks that the home meets the VA’s Minimum Property Requirements (MPRs). The appraiser’s report results in a Certificate of Reasonable Value (CRV) if the property qualifies. You can review VA’s overview of the process in the official VA appraisal guidance and the VA’s MPR standards.
A VA appraisal is not a full home inspection. You should still hire a professional inspector to evaluate the home’s systems, maintenance needs, and safety items in more detail.
Monument VA appraisal timeline
Below is a typical flow for Monument and greater El Paso County. Local timing depends on appraiser availability and property type, but many reports are completed in about 1 to 2 weeks after the lender orders the appraisal.
Step 1: Preapproval and COE
Get preapproved with a VA lender and secure your Certificate of Eligibility (COE) before you write an offer. Your lender will need your COE to order the appraisal. Share your COE with your agent so your contract and timelines align with VA requirements.
Step 2: Offer and contract terms
Include a financing contingency that accounts for a VA appraisal. Your contract should outline what happens if the appraised value is lower than the purchase price. If you are buying a condo or townhome, confirm the project’s status on the VA’s condominium approval roster or include a condo approval contingency.
Step 3: Lender orders the appraisal
Your lender orders the VA appraisal from a VA-certified appraiser. To help the process, provide your lender or the appraiser with:
- Seller’s property disclosures
- Permits and final inspections for any renovations
- HOA or condo documents
- A recorded survey, if available
- Invoices or receipts for recent improvements
Step 4: On-site appraisal in Monument
The appraiser will inspect the property for both value and MPRs. They look for a safe, sanitary, and structurally sound home with functioning systems and utilities. In Monument, be prepared to provide access to mechanicals and any rural-specific documentation, such as:
- Well maintenance or flow test records (if applicable)
- Septic permits or recent inspection reports (if applicable)
- HOA information for community-maintained features
If work was completed that required permits, make sure the file includes local approvals. You can check permit information with the Town of Monument Planning and Building and the El Paso County resources.
Step 5: Report, CRV, and repairs
When the report is complete, the appraiser sets the value for the CRV and lists any required repairs. Common MPR-triggered items include active roof leaks, major structural issues, unsafe stairs or missing handrails where required, inoperable heating, and broken windows that affect safety or habitability. For more on what the VA looks for, review the VA’s Minimum Property Requirements.
Step 6: Solve repairs or renegotiate
If the home needs repairs or the value comes in lower than the purchase price, you have options:
- The seller completes repairs and provides documentation
- You renegotiate the price to match the CRV
- You cover a difference in cash if the CRV is below the price
- Your lender submits a Reconsideration of Value (ROV) with stronger comparable sales or corrections if there are factual errors. See the VA’s appraisal guidance for process details
- In limited, lender-approved cases, an escrow holdback may be possible for minor work. Always confirm with your lender and current VA rules before assuming a holdback is allowed
Step 7: Underwriting and closing
Once repairs are cleared and underwriting conditions are satisfied, your loan moves to clear to close. Timing depends on how quickly repairs are completed, documentation is provided, and any negotiations are finalized.
Local tips for Monument buyers and sellers
Monument and nearby communities include single-family homes, townhomes and condos, and some larger parcels with wells and septic. A few local pointers can help you stay ahead:
- If the property has a well or septic, confirm with your lender what documentation is needed. Appraisers often want to see permits or recent test results
- For remodels or system upgrades, make sure permits and final inspections are available from the Town of Monument or El Paso County
- For valuation context, the Pikes Peak Association of Realtors maintains the most complete local sales data. Explore resources at the Pikes Peak Association of Realtors
- For property records and tax details, the El Paso County Assessor is a useful reference
- Real estate practices and license standards in Colorado are overseen by the Colorado Division of Real Estate
- Radon and floodplain status can influence buyer decisions and insurance. While radon mitigation is not automatically required by VA MPRs, clear disclosure and any mitigation history can support a smooth process. Always verify flood zones with current maps and your insurer
How to prepare: Buyer checklist
Use this list to stay organized once your offer is accepted.
- Get your COE and lender preapproval in hand
- Confirm VA condo approval if you are buying a condo or townhome
- Schedule a home inspection right away
- Share permits, HOA docs, and recent improvement receipts with your lender
- If repairs are flagged, get written estimates to guide negotiations
- If value is low, discuss price adjustments, cash to close, or an ROV with your lender
How to prepare: Seller checklist
If you expect VA buyers, a little prep can reduce delays.
- Fix obvious safety and habitability issues, like roof leaks, loose railings, or inoperable heating
- Gather permits, final inspection certificates, and improvement receipts
- Provide HOA rules and financials for common-interest communities
- Share well or septic records and any surveys if you have them
- Work with your agent to prepare a list of recent comparable sales for context
Common outcomes and smart responses
Here is what you might see once the VA appraisal is in and how to respond.
- Appraised at or above price. Great news. The lender proceeds with underwriting
- Appraised below price. You can reduce the price to the CRV, the buyer can bring cash to cover the gap, or you can renegotiate concessions. If there are stronger comps or factual issues, your lender can pursue an ROV with the VA
- Required repairs. The seller usually completes repairs and provides evidence. In limited circumstances, a lender-approved escrow holdback may be available for minor items. Confirm details with your lender early
Pro tips to avoid delays in Monument
- Choose a VA-experienced lender and agent so your contract dates fit a realistic appraisal timeline
- Order your home inspection quickly to spot issues that might overlap with VA MPRs
- Provide complete documentation on day one: permits, HOA docs, and receipts speed up review
- For rural parcels, line up well and septic documentation early to avoid last-minute scramble
Bottom line
A VA appraisal in Monument is straightforward when you know the steps, prepare the right documents, and plan for potential repairs or a value gap. With clear communication and local expertise, you can keep your transaction on track and close with confidence.
Have questions or want local guidance tailored to your situation? Schedule a Free Consultation with the trusted advisors at Unknown Company.
FAQs
What is a VA appraisal and CRV in Monument?
- A VA appraisal confirms market value and checks VA MPRs. If the property qualifies, the appraiser issues a Certificate of Reasonable Value that supports the loan amount.
How long do VA appraisals take in El Paso County?
- Many reports come back within 1 to 2 weeks after the lender orders the appraisal, depending on appraiser availability and property complexity.
Can a VA buyer waive the appraisal requirement?
- No. A VA appraisal is required for every VA-guaranteed purchase loan and cannot be waived.
What if the VA appraisal comes in low in Monument?
- You can renegotiate the price, the buyer can bring cash to cover the gap, or the lender can request a Reconsideration of Value with better comps or corrections.
Does a VA appraisal replace a home inspection?
- No. The VA appraisal is not a full inspection, so you should still hire a professional home inspector to assess condition and safety in detail.
Who pays the VA appraisal fee in Colorado?
- The fee is typically paid by the buyer or handled as negotiated in the contract, depending on local practice and lender requirements.
Do Monument condos need VA project approval?
- Yes. The condo project should appear on the VA’s approved condo roster or be approved through the VA process before closing.
