VA reconsideration

[ROBERT JONES]

I have only been on the panel for 5 years and have not had to complete a reconsideration of value. I went through Tidewater Act on this property and came in about 6% below sales price. It was new construction. Now they have a recent settled sale and 2 under contract properties that the UW has submitted to me for reconsideration.

What is the proper protocal for me - do I switch out one of the comps or add the new one as a fourth. Is there anything else I need to do? The handbook tells the process of getting to this point but not beyond.

Thanks

 

[rcsone]

........ask your Regional or assigned VA rep.......I am not being unhelpful, but in this part of the world, VA is most supportive..........and I donot THINK your request came from your regional's portal and the loan underwriter has no business requesting anything at any time...........just refer them to the VA contact for any additional required work requests . . . . . . . your client is VA and their intended users and not the reverse.........which brings in USPAP immediately.........best to all..........rs

 

[David Beasley]

rcsone is basically correct if I follow his.....post....correctly (lol). I've been told numerous times by my RLC that once you perform a Tidewater "pre-reconsideration" that is it, that's the lender/buyer/seller/agent's (whomever is appointed as the POC by the SAR) one shot through you. Everything else is then to be hammered out between the lender SAR and the regional VA RLC.

As I was told: "They can't keep re-requesting reconsiderations over and over." But some people do try. If you used good comps and derived a solid value the first time, and the Tidwewater preconsideration did not help the value, in all likelihood the VA will politely tell them to take a hike.

 

[Don Clark]

rcsone is basically correct if I follow his.....post....correctly (lol). I've been told numerous times by my RLC that once you perform a Tidewater "pre-reconsideration" that is it, that's the lender/buyer/seller/agent's (whomever is appointed as the POC by the SAR) one shot through you. Everything else is then to be hammered out between the lender SAR and the regional VA RLC.

As I was told: "They can't keep re-requesting reconsiderations over and over." But some people do try. If you used good comps and derived a solid value the first time, and the Tidwewater preconsideration did not help the value, in all likelihood the VA will politely tell them to take a hike.

David,

I had a similar circumstance. After notifying the lender(Tidewater thingee), they later asked for a new reconsideration. The Roanoke Region stated that i could charge up to 1/2 of the original appraisal for the second shot. If the information was not available at the time of the appraisal, it is a new assignment.

To orginial poster-----------call your regional office. The lender cannot just keep asking for reconsiderations and not compensate you.

 

[David Beasley]

I agree Don, best to call the RLC that has jurisdiction. They apparently have a fair amount of gray area they have to work with and will likely make a judgment call within that particular office to suit their requirements.

As to your case, I asked my RLC about charging for a 2nd attempt at a reconsideration once a while back and that's when I was told to direct the ongoing argument over value back to them (the RLC). Later saw the subject's MLS sheet, and it closed for my original value opinion - the Tidwewater reconsideration support was a joke and I didn't alter my original value finding. I assume the RLC said enough was enough and the listing agent and the sellers just had to suck it up.