What Is Tidewater

[Person of Noninterest]

Good topic, I'm sure a lot of non-VA appraisers were wondering what Tidewater was all about.

 

[Mike Kennedy]

Good topic, I'm sure a lot of non-VA appraisers were wondering what Tidewater was all about.

The same Coercion and Collusion that put mortgage brokers out of business - rightly so.

 

[Fargo1]

I guess im confused as to how someone gets on the VA panel, does appraisals for a while and hasnt heard of Tidewater. Thats not a slam on you Fargo, if you were not told.

Slam or not, if the shoe fits.... Honestly, I've seen the phrase thrown out there before on the forum, but I was always afraid to ask because I knew it was something I should probably know. I'd hate to reveal my ignorance. Yet even after all this discussion, I'm still not sure I understand it. Like others have said it seems like coercion. So I guess rather than looking into it too much I have mostly ignored it. I guess I figured if I am going to go to court for something, I'd rather have them take me to court for not 'hitting their value' because I ignored Tidewater, than going to court to defend why I changed my value on the appraisal because Tidewater said I could do it. So although I understand Tidewater is a method to ask the lender for more comps when I am coming up short on value, I think I'd still rather just finish the appraisal with the best comps I have and give the most accurate opinion of market value I can. I'm kind of stubborn that way. Sure I'll look over an appraisal if there was something I missed. But their really has to be a solid reason for me to change my opinion of value. And I don't do comp checks. Either you want an appraisal or you don't.

St Paul RLC Appraiser Guide, Page 17, Section 5.3

Wow great link. The last VA handbook I had was dated 2005. I wish the VA would send out notices on things like this. It seems the least they could do is send an email notifying their appraisers when they update the handbook and give a link where they can locate the handbooks at. All the time I've done VA work I've never received an email from the VA about anything like this. It frustrates me.

 

[CindyR]

I don't think of it as hitting the value - I think of it as eliminating any questions later. Remember the point of the exercise is to eliminate Reconsideration requests. And, if you do it early in the process like I do you are never changing your value, just analyzing every possible shred of information they think may support their position.

 

[Elliott]

I thought the deal was, they are vets so VA appraisers usually, like 99% of the time appraise the property out. The risk and loss is the governments and they are okay with it. Some of the highest sales--I can't believe somebody paid that much for that--are VA sales.

 

[McPheeters]

I thought the deal was, they are vets so VA appraisers usually, like 99% of the time appraise the property out. The risk and loss is the governments and they are okay with it. Some of the highest sales--I can't believe somebody paid that much for that--are VA sales.

That's because there is incredible pressure placed on the appraiser by the reelturs and the lenders they sleep with, (not to mention the VA, in more subtle ways) to hit the contract price (and to a lesser degree, the refi value...particularly when the "loan amount" is clearly stated on the order) Bottom line: the VA hates complaints. If the Vet/lender/reeltur complains, the crapola runs downhill to the appraiser from the VA.

 

[TN Pro]

That's because there is incredible pressure placed on the appraiser by the reelturs and the lenders they sleep with, (not to mention the VA, in more subtle ways) to hit the contract price (and to a lesser degree, the refi value...particularly when the "loan amount" is clearly stated on the order) Bottom line: the VA hates complaints. If the Vet/lender/reeltur complains, the crapola runs downhill to the appraiser from the VA.

Bull****, absolute Bull Sh it. I have only been doing VA for three years, but i would say that the VA has had my back on any issue i have had. As for pressure, i dont see it that way. I like the Tidewater Initiative. Send me all the sales you want, and i will document them all thoroughly as to why they were not considered.
I dont see Tidewater as pressure, i see it as a put up or shut up situation. I have the chance to adddress the situation prior to the report being sent in. Its not coercion, its covering the bases.
I have come up short plenty of times on VA purchase contracts and not once have the VA called or emailed about it. Sure, Realtors may ***** and whine, thats what they do. I even had one agent state she was going to get a future appraisal reassigned as i "killed" her last deal. She called back three days later apologizing and set the appointment up.

 

[McPheeters]

Bull****, absolute Bull Sh it. I have only been doing VA for three years, but i would say that the VA has had my back on any issue i have had. As for pressure, i dont see it that way. I like the Tidewater Initiative. Send me all the sales you want, and i will document them all thoroughly as to why they were not considered.
I dont see Tidewater as pressure, i see it as a put up or shut up situation. I have the chance to adddress the situation prior to the report being sent in. Its not coercion, its covering the bases.
I have come up short plenty of times on VA purchase contracts and not once have the VA called or emailed about it. Sure, Realtors may ***** and whine, thats what they do. I even had one agent state she was going to get a future appraisal reassigned as i "killed" her last deal. She called back three days later apologizing and set the appointment up.

That has been MY experience, maybe not yours, but has CERTAINLY been mine and it's well documented at my end that no one would do anything about it. So BS back at ya slick!

 

[nicholz12]

I thought the deal was, they are vets so VA appraisers usually, like 99% of the time appraise the property out. The risk and loss is the governments and they are okay with it. Some of the highest sales--I can't believe somebody paid that much for that--are VA sales.

Where did you hear this? I'm not a fan of Tidewater, but this statement is a bit much.

 

[Mike Kennedy]

1. Previous Circulars/News - Home Loans
   http://www.benefits.VA.gov/HOMELOANS/resources_circs_prev.aspCached
   Previous Circulars/News page for the VA Loan Guaranty Service. ... Agreement of Sale/Sales Contract to be Provided to the Fee Appraiser ... In order to match the Turner cost of construction increase of 4.307 percent, the maximum ...... appraisers are being pressured to make appraised values meet or exceed sale prices.