What Is Tidewater

[Eli]

Tidewater is invoked by the appraiser as a courtesy to the Lenders and realtors.

As a USAF Vet, I assure you the definition of Coercion posted earlier is entirely appropriate in it's application. It IS the reason I chose NOT to do VA.

Thank you for your service. You would have likely respected me as your appraiser because I would have gone the extra mile to make sure you did and it would have had nothing to do with a predetermined target. However, I don't like doing majorly complex homes for the same fee as small subdivision type homes. But, remember TN fees are still $375.

 

[Eli]

Most probable price always has to stay close to an appraiser's heart, especially when dealing with somebody as valuable as a veteran. The tidewater initiative is asking for valuable information to promote a more credible and reliable opinion of market value to be derived in case something has been missed in the valuation process. Most probable price is just as important to the public in general. The majority of veterans never would have did what they did if they didn't feel that way.

 

[gregb]

Tidewater is invoked by the appraiser as a courtesy to the Lenders and realtors.

As a USAF Vet, I assure you the definition of Coercion posted earlier is entirely appropriate in it's application. It IS the reason I chose NOT to do VA.

A process which is illegal for NON-VA loans, and rightly so, does no Veteran or his/her family a "favor" when parties with vested interest in doing the deal for commission sale are permitted to intentionally attempt to coerce any Appraiser into changing a Value Opinion (defined either as a point of value or a direction in value) i.e. "below contract price" via pre-completion "notification".

There is no other reason for Tidewater to exist other than to attempt to obtain a CHANGE IN a communicated Value Opinion prior to the so-called "official appraisal" report delivery.

It is what it is and should be outlawed exactly the same way it was for non-VA loans - for the same reason.

Perfect, stick to market value appraisals in a vacuum with no market participants allowed to mention a comparable. Good luck with that scenario, if you work in the appraiser fee world. Tidewater is no more than the private lawyer client mentioning to me that the home next door to the subject sold last week. Some work in a real world, others wish they worked in another world.

 

[Mike Kennedy]

A "most probable price/opinion" of competitive market value gleaned from an Independent, and entirely Objective appraisal Process executed by a party or parties who have ZERO interest in doing the deal" has NOTHING to do with a contract price between specific Parties with vested interests in the deal.

A SUBJECTIVE contract price between A seller and A buyer is an agreement between THOSE parties which reflects ONLY the motivations, hopes, dreams, goals, and desires of .......ONLY the parties to the "deal".

OBJECTIVE Fair Market Value, or Market Value is determined by the actions of OTHER sellers and OTHER buyers of OTHER, directly competitive properties which would substitute for a particular subject's real property.

As such, a specific Contract Price between parties with vested interests - is Irrelevant, and NOT a factor in any of the 3 Recognized Approaches to Appraised Value.

It is NOT a confirmed Sale Price until the sale closes. A Contract Price is mutable. i.e. it ain't real til' it's a done deal.

 

[gregb]

I did not mention a pending sale, closed sale next door...

 

[Mike Kennedy]

"Perfect, stick to market value appraisals in a vacuum with no market participants allowed to mention a comparable."

Due diligence, prior to completion and delivery of an appraisal report requires utilizing all available data sources.

The Reconsideration of Value process, AFTER delivery was always permissible, was further codified under Dodd-Funk 2010 and is legal. No problemo.

"STOP WORK, DO NOT COMPLETE AND NOTIFY DESIGNATED POC (realtors, etc.) after developing, then COMMUNICATING a "likely below CP value" prior to completion and delivery" - is blatant coercion.

It is what it is.

 

[gregb]

"Perfect, stick to market value appraisals in a vacuum with no market participants allowed to mention a comparable."

Due diligence, prior to completion and delivery of an appraisal report requires utilizing all available data sources.

The Reconsideration of Value process, AFTER delivery was always permissible, was further codified under Dodd-Funk 2010 and is legal. No problemo.

"STOP WORK, DO NOT COMPLETE AND NOTIFY DESIGNATED POC (realtors, etc.) after developing a "likely below CP value" prior to completion and delivery" - is blatant coercion.

It is what it is.

Classic re-frame. No realtors are notified, only the poc. Coercion could be that butterfly floating outside your office window. The tidewater initiative is less than the butterfly.

 

[Mike Kennedy]

Classic re-frame. No realtors are notified, only the poc. Coercion could be that butterfly floating outside your office window. The tidewater initiative is less than the butterfly.

per the VA bulletin, a POC .........can...be.....one of the Realtors involved in the transaction.

 

[gregb]

per the VA bulletin, a POC .........can...be.....one of the Realtors involved in the transaction.

The poc in the majority of VA appraisals I complete is one party connected to the lender, processor or underwriter or monkey dee dee. Yes, the poc is supposed to forward the tidewater request to the realtors involved in the transaction. But you know what, the comparables provided by the recipient of the tidewater are required to provide comparables on a grid similar to a uar...guess how many ever do that?

 

[Mike Kennedy]

how many ever do that?

Entirely a different issue.