What Is Tidewater

[Elliott]

Pre-AMC, Pre-Dodd/Frank I might have been proactive a few times and called the realtor and ask if they had any sales they especially liked and that was a warning about contract price and my appraised value. But in the current environment I haven't seen any engagement instructions that would be considered equivalent to "tidewater" in FHA, USDA, or conventional lending. With AMCs once you come in low, its an automatic 'reconsideration' stip, but its not pro-active.

 

[OSU Beavers]

Tidewater = the Veteran gets to pay 6% over market value so the Realtor and lender can make their commissions.

 

[J Grant]

Well said, OSU Beavers.

I was aware when I posted Tidewater is proactive and ROV after appraisal is delivered. Both exist to allow vested parties one more pass to influence the OMV upward. The rationale that an appraiser might have "missed a sale" is absurd and rarely the case. The sales sent are nearly always cherry picked high sales of superior or dis similar properties, sales the appraiser already rejected or would never consider.

 

[J Grant]

Not all AMC's "automatically" send an ROV if you come in "low" ( i hate that expression). I would not work for a client/AMC that sends an ROV on every purchase appraisal where SC price is not met. The best clients rarely pass along an ROV to appraiser as they handle most on their end.

 

[Eli]

Not all AMC's "automatically" send an ROV if you come in "low" ( i hate that expression). I would not work for a client/AMC that sends an ROV on every purchase appraisal where SC price is not met. The best clients rarely pass along an ROV to appraiser as they handle most on their end.

The question is who is sending it. I think there should be a digital signature from a licensed professional sending it that goes with the report.

 

[sandpiperapp]

Ah, comments from the Market Value Police. We gotta get you guys and girls some flashing lights and a siren.

 

[sandpiperapp]

Tidewater = the Veteran gets to pay 6% over market value so the Realtor and lender can make their commissions.

Actually no. The Veterans get a fair deal if the market supports it, and the VA appraisers don't hide behind the check boxes because we do good work.

 

[J Grant]

If you do good work that is great am sure you do! We are all the value police lol kind of our job description.