Understanding the VA Notice of Value (NOV): What Veterans Need to Know

 


When buying a home with a VA loan, there’s one document that can make or break the process: the Notice of Value (NOV).

The NOV is the official VA appraised value of the property. It’s not just a number—it’s the VA’s confirmation of what the home is worth, and it sets the stage for your loan amount, potential repairs, and even your closing timeline.  Choosing a lender that is not an expert in VA Loans can costs you $1,000's!  

Why the NOV Matters

  • Value Check: The NOV ensures Veterans don’t overpay for a property.

  • Repairs: If the VA appraiser notes repairs, those must be completed before closing.

  • Closing Timelines: Delays can happen if the property doesn’t meet VA’s minimum property requirements (MPRs).

Example: Lt. Miller’s Home Purchase

Sgt. Miller, an Army Veteran, fell in love with a brick home in North Texas listed at $280,000. His lender ordered the VA appraisal, and soon after, the NOV came back at $275,000—$5,000 lower than the asking price.

Not only that, the appraiser flagged two items:

  • Peeling exterior paint that needed to be scraped and repainted.

  • A broken handrail on the back steps.

Because of the NOV:

  • The seller agreed to lower the price to match the VA appraised value.

  • Repairs were completed within 10 days.

  • Sgt. Miller closed on time and walked away knowing his investment was fair and safe.

  • Had the seller not agreed to lower the price Lt. Miller could walk away from the purchase, bring the shortfall to closing to cover the gap between appraised amount and purchase price.  There are renovation options that could be considered as well (I'll do a separate blog on VA Renovations).

Key Takeaways for Veterans and Realtors

Always review the NOV quickly. It can affect contract negotiations.
Prepare for possible repairs. Sellers and agents should expect to address MPRs.
Plan timelines accordingly. Repairs can cause delays, so factor this into your closing date.

The NOV protects Veterans—it ensures you’re getting a safe, livable home at a fair price. Realtors who understand the process can help their Veteran clients avoid surprises and keep deals on track.

About Between Two Doors

Between Two Doors is a podcast where I talk with Realtors about their journey, aiming to connect home buyers and sellers with agents on a more personal level. I ask "right brain" questions that go beyond transactions, focusing on the experiences, values, and passions that make these professionals great at what they do.

Listen to more episodes at: https://www.betweentwodoors.com

Sponsored by:
Premier Lending, Inc.
https://www.natecarver.com

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