Tidewater Initiative Question?

[Laurie Collins]

I always send an e-mail and "officialy" notify the lender or the designated POC of a possible value below the sales price. I also remind them that I cannot discuss value with anyone except the VA SAR.

Once I receive any feed back I look at it and then put a notice in the report as to what I have done, and when and upload to VA Web Portal. Since I was in the original test group in Tidewater I have all the appropriate letters if some lender does not know what I am talking about.

Document, disclose, document.

We do it this way as well. Helps you CYA.

At our office it's generally followed by a phone call from realtors stating how they can show us how to get the value. Then after we upload the report we get phone calls from LO, all the realtors, borrower, seller, and pretty much everyone but Jesus telling us how clueless we are and that the sale 2 years ago is the one we should be using instead of those nasty recent sales from 30 and 60 days ago and if we don't change the value they're going to *&$%^*I(O and how dare we notice their roof is sliding off and state they need to replace it. Well, at least that's how it went this week. :0

 

[Fritz in NY]

Thats why I love email. Instead of yelling at me and rambling on and on about amenities theat mean nothing and spewing out dozens of out dated comps and current listings, the Broker can email me the info. Unfortunatley it is usually all over 1 year, over 1 mile, over 20% of GLA difference, pendings and actives. Some times the broker will simply bury me with usless stuff because they are PO'd at me. I could even take long than the original report to just file through the lists.

 

[Laurie Collins]

Thats why I love email. Instead of yelling at me and rambling on and on about amenities theat mean nothing and spewing out dozens of out dated comps and current listings, the Broker can email me the info. Unfortunatley it is usually all over 1 year, over 1 mile, over 20% of GLA difference, pendings and actives. Some times the broker will simply bury me with usless stuff because they are PO'd at me. I could even take long than the original report to just file through the lists.

Ditto. P.S. Your tagline is priceless.

 

[Mike Garrett RAA]

It's usually a big waste of time! I just add a couple of lines in the report describing the data provided and why it doesn't cause me to my opinion of value.

 

[Mike Kennedy]

That about says it all. Another change is that the "tidewater" no longer is in effect for refi's. I hated battling Vets over "their" comps vs mine.

Can you provide the VA advisory on this explaining why? Thanks.

 

[rcsone]

The providing of information in an "URAR format" is almost always never done which officially makes its consideration inapplicable. The "but" is it does not hurt to "say" that such such information was considered.....I always include in the corresponding form the info which seems to inhibit the yak of irresponsible feedbacks.........................best to all............rs

 

[Fritz in NY]

Tidewater no longer for ReFi's.

Can you provide the VA advisory on this explaining why? Thanks.

I was told over the phone 2+ years ago from New Hampshire, I'm pretty sure it was Brian Dodge???
I'm working on one now and the VET has sent me 9 "comps" that are really useless.

 

[incognito]

To the best of my knowledge, at least in my region (SE) Tidewater was never in effect for Refi's. How would I know the "target" value to know if I met it or not, in order to initiate Tidewater?

 

[The Matrix]

It's high that the the VA rescind the Tidewater Initiative.

If a loan broker or someone else with vested interest in the outcome of the appraisal report wants to submit comparable sales...let them do it before the VA appraiser arrives at a value conclusion. This initiative was put in place because the VA was losing market share near the apex of the market bubble. If truth be known, I would bet that this initiative resulted in a substantial increase in the number insurance claims by lenders to the VA for non-performing loans.....based on inflated property appraisals.

 

[Carnivore]

It's high that the the VA rescind the Tidewater Initiative.

If a loan broker or someone else with vested interest in the outcome of the appraisal report wants to submit comparable sales...let them do it before the VA appraiser arrives at a value conclusion. This initiative was put in place because the VA was losing market share near the apex of the market bubble. If truth be known, I would bet that this initiative resulted in a substantial increase in the number insurance claims by lenders to the VA for non-performing loans.....based on inflated property appraisals.

I disagree. The pressure from them will never end. Tidewater is at least a procedure you can stick to and also stick in there face. End of problem once you follow eveyones advice above. The good part is they can not remove you from the VA list.

PS I was not aware that the VET had any say in the Tidewater procedure(this was always my complaint with Tidewater)...is this a change?