Tidewater is a process specific to VA home loan appraisals that occurs when the appraiser determines the property's value might not meet the contract price. It allows all parties, particularly the veteran buyer, an opportunity to address the potential discrepancy before the appraisal is finalized. When Tidewater is invoked, the appraiser notifies the lender, who informs the real estate agents or other relevant parties. A 48-hour window is then provided for the submission of additional evidence, such as comparable sales or market data, to support the contract price. The appraiser reviews the submitted information but is not obligated to adjust the value unless the evidence justifies it. Once the review is complete, the appraiser issues the final value. If the appraised value still falls short of the contract price, the buyer and seller may need to renegotiate terms, such as adjusting the price, the buyer bringing additional funds, or even canceling the contract. This process ensures transparency and fairness, giving everyone involved a chance to address valuation concerns while protecting the interests of the veteran buyer.
What about appraisal when it is related to a VA refinancing mortgage ? Have you done a video relating to this specific matter ? Thank you.
Great idea, I'll record one in Jan. Thank you.
Tidewater actually means what?
Tidewater is a process specific to VA home loan appraisals that occurs when the appraiser determines the property's value might not meet the contract price. It allows all parties, particularly the veteran buyer, an opportunity to address the potential discrepancy before the appraisal is finalized. When Tidewater is invoked, the appraiser notifies the lender, who informs the real estate agents or other relevant parties. A 48-hour window is then provided for the submission of additional evidence, such as comparable sales or market data, to support the contract price. The appraiser reviews the submitted information but is not obligated to adjust the value unless the evidence justifies it. Once the review is complete, the appraiser issues the final value. If the appraised value still falls short of the contract price, the buyer and seller may need to renegotiate terms, such as adjusting the price, the buyer bringing additional funds, or even canceling the contract. This process ensures transparency and fairness, giving everyone involved a chance to address valuation concerns while protecting the interests of the veteran buyer.
@@vahousingeducationvery awesome information, thanks 🙏🏻 for sharing brother 👏🏼😊 🇺🇸
@@LightWarriors4Life Thank you for watching and the support!