"Tidewater Initiative
In 2003, a major change in VA’s policy regarding interaction between VA Fee
Appraisers and other program participants was introduced. In brief summary, the
Tidewater procedure allows an opportunity for a designated “Point of Contact” to
provide market evidence for the appraiser’s consideration prior to establishing the
final URAR value. The appraiser initiates the procedure by alerting the Contact person
that the appraised value appears likely to come in under the sales price. The appraiser
should not discuss the appraisal contents except to explain that the comparables
located by the appraiser do not adequately support the sales price. The Contact person
then has two business days to provide additional sales information in support of the
sales price. Verification of the closed sales is required. (Pending sales may be offered,
but should only be used to support time adjustments.)
All attempts to communicate with the designated Point of Contact must be
documented to show the date of the attempt, the party’s name and phone
number, and whether or not additional information was provided.
(Reference: New Procedure for Improving Communication With Fee Appraisers <<<<<<<<<<<<<<<<<
and Streamlining Reconsideration of Value (Tidewater Initiative) – Circular 26-03-11)"
[url]http://www.vba.VA.gov/ro/phoenix/RLC/PDF/Fee_Appraiser_Handbook_Oct_2011_FINAL.pdf[/URL]
