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The land must be appraised by a VLB representative. You are not required to accompany the appraiser on a physical inspection of the land to be purchased, but may elect to do so. The appraiser will contact you to set an appointment to inspect the tract.

On the day of the inspection, the land should be exactly as it will be when it is conveyed to you; that is, surveyed, having proper access both physically and legally, and with all proposed improvements completed, e.g. water, electric, well, septic, etc. This enables the VLB to ensure the maximum appraised value of the property. However, no value will be given to any structure located on the property at the time of financing.

A copy of an existing Field Note description of the tract with the Surveyor's Official Seal and Signature (original or copy), or, a complete copy of the recorded subdivision plat if the description is by Lot & Block, is sufficient. If a new survey is required, do not order and submit it until after your loan is approved and we request the new survey.

If the appraised value of the tract is less than the contract price, your options are:

  • Renegotiate with the seller to adjust the price to the appraised value. Complete an Amendment to Contract.
  • Renegotiate with the seller for a value between the appraised value and the contract price. You will then be required to pay the difference between the appraised value and your renegotiated price at closing, plus the down payment. Complete an Amendment to the Contract.
  • Leave the contract as it is and pay the difference in the appraised value and the contract price at closing, plus the down payment. Complete an Amendment to the Contract.
  • Cancel the transaction.

Links to Additional Resources



VLB Help Line
1.800.252.VETS (8387)
VLB Help Line