Hi, this is Tom Heath with the Mortgage Guidance Group at Nova Home Loans and this is our weekly installment of mortgage and real estate related matters. Today’s topic is something called the Tidewater Initiative that affects VA Appraisals. You may have been notified by your lender on a VA loan that the appraiser has initiated the Tidewater. What that means is the appraiser is coming in at a value below the purchase price.
We don’t know what that value is. We don’t know what comps have been used. We just know that currently, the appraiser is seeking more information. At that point, once were notified, we have two business days to provide the comps that were used to come up with the sales price. We have to provide that in a specific format, so we asked for those to be given to us very quickly. We prepare that, send it off to the appraiser, who then includes that in their consideration. Again, we don’t know a lot about where the value is falling, or what cops were used, we’re simply providing as much information as we can to the appraiser, with your help, of course, to make sure that they have as much data as possible to render the the best outcome on the appraisal.
If you have questions on this or anything appraisal or loan related, don’t hesitate to reach out. And you can always check out our website for more information. It’s mggrouptucson.com. Thanks.
