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Veteran Affairs Home Loan Guarantee Program Faces Appraisal Problems Dsnews.com

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Interesting comments from participants in this VA loan discussion on ROV:

How to Challenge a Low VA Appraisal Value: The Reconsideration of Value

https://www.veteransunited.com/real...appraisal-value-the-reconsideration-of-value/
 
i think most lenders have some sort of ROV program; this is not unique to the VA process. VA may have formalized it a bit with instructions and worksheets and such but it is not really different from other clients.

Now the Tidewater program is probably unique but it really is a very simple process and if done properly is no problem at all. TW is intended to reduce ROV requests and it does that very well. I probably see only 2 or 3 actual ROV requests PER YEAR. TW simply alerts the client that the initial data does not appear to support the contract price and asks if they want to recommend any comps. I always send the TW notice well before i conclude an OMV. That way i am not changing my value conclusions; just being sure the report is crystal clear related to any unreasonable comps they may be trying to recommend. I often invoke TW and then find that the complete analysis does support the contract price. No harm no foul. But by including or at least discussing their less similar comps everyone understands how i reached the value i concluded.
 
https://www.linkedin.com/pulse/warning-appraiser-evokes-tidewater-initiative-VA-buyer-bill-baker
 
https://www.scvnest.com/blog/evoking-the-tidewater-initiative-with-a-seller-to-a-VA-buyer/
 
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