What does Tidewater mean in appraisal?
What does Tidewater mean in appraisal?
What is the Tidewater Initiative? The Tidewater Initiative (or Tidewater for short) is used when the appraised value of a home falls below its contract purchase price worked out by the buyer and seller. In civilian home sales, the buying party is usually free to use whatever appraiser they’d like—sort of.
What Tidewater means?
Definition of tidewater 1 : water overflowing land at flood tide also : water affected by the ebb and flow of the tide. 2 : low-lying coastal land.
How does VA Tidewater work?
The VA’s Tidewater process policy exists to combat low VA appraisals by allowing the appraiser to request additional comps and market data to support the sale price before finalizing the VA appraisal. The Tidewater policy is typically faster than an official reconsideration of value, as we’ll see below.
What percentage of VA appraisals come in low?
around 8%
How often do VA appraisals come in low? Like any other type of appraisal, VA appraisals can come in lower than you expected. The unfortunate reality is that some homes are overpriced by the seller. According to Fannie Mae, appraisals come in low around 8% of the time.
Why is a low appraisal called Tidewater?
In simpler terms, in order to reduce the requests from Veterans to have the VA reconsider the value of a home (after an appraisal comes in low), they created a process (Tidewater) that allows the appraiser to warn the buyer (and the real estate agents) that the appraisal is going to be lower than the contract price and …
Why is it called Tidewater?
The Tidewater Region It received its name because the major rivers that flow through the region rise and fall with the tide from the ocean. The Tidewater is the eastern most region of Virginia. It includes the land along the Chesapeake Bay and the Eastern Shore. It is located west of the Atlantic Ocean.
What is another name for Tidewater?
What is another word for tidewater?
| tide | flood |
|---|---|
| ebb | movement |
| stream | surge |
| eddy | sluice |
| tidal flow | tide race |
Why is a low VA appraisal called Tidewater?
What is Tidewater protocol?
The Tidewater process, which allows appraisers to request additional sale information prior to the appraisal being completed, has been in existence since 2003 (see VA Circular 26-03-11). Through the years, this process has assisted Veterans in attaining the home they desire.
Why do sellers dislike VA loans?
Why don’t sellers like VA loans? Many sellers — and their real estate agents — don’t like VA loans because they believe these mortgages make it harder to close or more expensive for the seller.
Can a veteran pay more than appraised value?
A VA loan can’t be issued for more than the appraisal value, so a low appraisal can send buyers scrambling. Consider these three strategies for handling a low appraisal value: Strategy 1: Ask the seller for a price reduction. Let the seller know the appraisal value came in below the sales price.
Where is the Tidewater area?
eastern Virginia
Tidewater, also called Coastal Plain, natural region in eastern Virginia, U.S., comprising a low-lying alluvial plain on the western shore of Chesapeake Bay between the Atlantic Ocean and the Fall Line (a line marking the junction between the hard rocks of the Appalachians and the softer deposits of the coastal plain).
What happens if appraisal is lower than offer VA loan?
A buyer can apply to the VA for a Reconsideration of Value (ROV) if the appraisal value seems mistakenly low. Buyers will need to provide supporting documentation such as the original Comparative Market Analysis (CMA) or details on other comparable sales that weren’t used in the original appraisal.
Why is VA called Tidewater?
What does Tidewater mean in geography?
TIDEWATER is a term commonly used to designate that portion of the Atlantic coastal plain lying east of the points in rivers reached by oceanic tides. This region, the first to be occupied by settlers from the Old World, slowly became an area of comparative wealth. What does Tidewater look like?
What is the Tidewater program?
This program, often known simply as “Tidewater,” initiated in—you guessed it—the Tidewater area of Virginia (i.e., the Norfolk, Chesapeake, Portsmouth, and Virginia Beach areas). It initially began as a test program in the early 2000s and was expanded to all areas of the country in 2003, as a result of VA Circular 26-03-11.
When did Tidewater start?
Information about the Tidewater Companies Since we first opened our doors in 1989, Tidewater has provided personalized customer care to customers across Maryland and the Commonwealth of Virginia.
What are the requirements for a tidewater?
They must be involved in a large number of real estate transactions each year and be an expert in the local real estate market; otherwise, the issuing of TIDEWATER will result in the failure of your real estate transaction (and perhaps others related to it) to complete.
