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Tidewater

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A Brit in California

Senior Member
Joined
May 6, 2006
Professional Status
Certified Residential Appraiser
State
California
Not so much a question...but a comment about what I'm seeing in California. I would estimate at minimum, 50% of the VA appraisal requests I receive get a Tidewater notice. This is consistent in the past 4 to 6 months. It's getting a bit ridiculous. Typically I cannot bracket the contractual price on the high end. The homes are in the $250K to $600K range most of the time. I'm short about $50K on one I received this morning. Anyone else seeing this occur elsewhere? Thank you.
 

sandpiperapp

Senior Member
Joined
Apr 5, 2011
Professional Status
Certified Residential Appraiser
State
New York
Not at 50%, but there are more and more. Much of my market is the same price range. The funny thing is that it seems the comps 4 to 8 months ago are often the higher priced sales.
 

glenn walker

Elite Member
Joined
Oct 11, 2006
Professional Status
Certified Residential Appraiser
State
California
No money down the California agents tell the buyer you have to pay 100% to 110% or your not getting the house ** It's a Realtor dream.
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
Not so much a question...but a comment about what I'm seeing in California. I would estimate at minimum, 50% of the VA appraisal requests I receive get a Tidewater notice. This is consistent in the past 4 to 6 months. It's getting a bit ridiculous. Typically I cannot bracket the contractual price on the high end. The homes are in the $250K to $600K range most of the time. I'm short about $50K on one I received this morning. Anyone else seeing this occur elsewhere? Thank you.

I have also seen many more instances in my market as well where the TI had to be used. Much more than in the past several years. Lot's of rehab's here as well and they want top dollar for minimum improvements.

It is what it is.:shrug:
 

A Brit in California

Senior Member
Joined
May 6, 2006
Professional Status
Certified Residential Appraiser
State
California
A lot of talk amongst REALTORS, appraisers and lenders as to whether or not this is indicative of another possible drop like what we experienced in 2008/2009. The economy is OK but not extraordinary, interest rates remain artificially low, REALTORS complain of a lack of inventory but new construction continues at a rapid pace (in Central California). I see homeowners wanting to take all the cash they can out the equity in their homes. It all just "smells" of something bad.
 

glenn walker

Elite Member
Joined
Oct 11, 2006
Professional Status
Certified Residential Appraiser
State
California
The Realtors in SO CAL have been all pushing their flippers to take VA offers because their is no flip rule.. The VA buyer shows up and the agents tell him-her you pay 100% or more or you don't get the house and guess what every flip gets top dollar even if not warranted..
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
A lot of talk amongst REALTORS, appraisers and lenders as to whether or not this is indicative of another possible drop like what we experienced in 2008/2009. The economy is OK but not extraordinary, interest rates remain artificially low, REALTORS complain of a lack of inventory but new construction continues at a rapid pace (in Central California). I see homeowners wanting to take all the cash they can out the equity in their homes. It all just "smells" of something bad.

The "indicators" point to that possibility. Flippers in California may get what the always want but that is not tue in my market.
 
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