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What Is A Tidewater Notice? Trust The Answer

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Before finalizing the appraisal report, VA appraisers can notify the lender that the home’s value will likely come in below the purchase price. Alerting the lender of the property falling under the contract price is known as invoking the “Tidewater Initiative,” or Tidewater for short, as listed in VA Circular 26-17-18.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.The Tidewater process is an extra step that sometimes occurs with VA home appraisals. It is used in cases where the property appraises below the contract purchase price. Tidewater gives the VA-approved appraiser a way to request additional information that might support the sale price.

  1. Review the appraisal report for mistakes. …
  2. Gather documentation to support your challenge. …
  3. Ask your real estate agent to draw up a comparative market analysis. …
  4. Write to the lender. …
  5. Send the letter to your lender, who now does one of two things. …
  6. Review the results of your appeal.
What Is A Tidewater Notice?
What Is A Tidewater Notice?

Table of Contents

What does Tidewater mean during a VA 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 is Tidewater process?

The Tidewater process is an extra step that sometimes occurs with VA home appraisals. It is used in cases where the property appraises below the contract purchase price. Tidewater gives the VA-approved appraiser a way to request additional information that might support the sale price.


VA Wednesdays: What Happens In a \”Tidewater\” Situation When a VA Appraiser Values Your Home 🏠

VA Wednesdays: What Happens In a \”Tidewater\” Situation When a VA Appraiser Values Your Home 🏠
VA Wednesdays: What Happens In a \”Tidewater\” Situation When a VA Appraiser Values Your Home 🏠

Images related to the topicVA Wednesdays: What Happens In a \”Tidewater\” Situation When a VA Appraiser Values Your Home 🏠

Va Wednesdays: What Happens In A \
Va Wednesdays: What Happens In A \”Tidewater\” Situation When A Va Appraiser Values Your Home 🏠

What happens if VA appraisal comes in low?

If the appraisal comes in low and does not require a reconsideration of value, the borrower is free to negotiate with the seller to get a price closer to the appraised value of the property. You can negotiate with the seller and see if there is any flexibility along those lines.

How do I challenge a low VA appraisal?

  1. Review the appraisal report for mistakes. …
  2. Gather documentation to support your challenge. …
  3. Ask your real estate agent to draw up a comparative market analysis. …
  4. Write to the lender. …
  5. Send the letter to your lender, who now does one of two things. …
  6. Review the results of your appeal.

Why does the VA call it 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 do sellers not like 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 VA appraisal be disputed?

When a VA appraisal fails to meet the home’s purchase price, the buyer or seller party may request a formal Reconsideration of Value. This begins the appeal process.


See some more details on the topic What is a tidewater notice? here:


VA Tidewater Initiative Process and Reconsideration of Value

The Tidewater Initiative (or Tidewater for short) is used when the appraised value of a home falls below its contract purchase price worked out …

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Tidewater Initiative: What VA Appraisers Need to Know

The VA has a unique set of protocols, known as the Tidewater Initiative, that a VA appraiser must follow when he or she expects the …

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The VA Appraiser Has Issued TIDEWATER For Your Home

In brief summary, the Tidewater procedure allows an opportunity for a designated “Point of Contact” to provide market evidence for the …

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VA’s Tidewater Initiative – Why You Need to Understand This

Once the VA appraiser comes back with a Tidewater ruling, they will notify the point of contact listed on the appraisal request form.

+ Read More

Can VA loan waive appraisal?

While borrowers cannot waive VA appraisals the VA will consider requests to waive MPR repairs under three conditions. The request is signed by the Veteran borrower. The lender agrees with the Veteran’s request. The property is habitable from the standpoint of safety, structural soundness, and sanitation.

How long does a VA appraisal stay with the property?

The VA appraisal is good for six months from the effective date of the appraisal for refinance loans or until the loan closes for purchase loans.


VA Home Loan Appraisals and How To Survive a Tidewater In The Current Housing Market 2021

VA Home Loan Appraisals and How To Survive a Tidewater In The Current Housing Market 2021
VA Home Loan Appraisals and How To Survive a Tidewater In The Current Housing Market 2021

Images related to the topicVA Home Loan Appraisals and How To Survive a Tidewater In The Current Housing Market 2021

Va Home Loan Appraisals And How To Survive A Tidewater In The Current Housing Market 2021
Va Home Loan Appraisals And How To Survive A Tidewater In The Current Housing Market 2021

How picky are VA appraisers?

Properties that don’t meet all VA criteria are rejected by the program and can put a lender at risk. In issuing a VA loan, a lender can choose to add any number of property restrictions. Some lenders are extremely strict, while others are more accommodating.

Are appraisals coming in low right now 2022?

Appraisals below contract price will continue to be a challenge in 2022. Consider, appraisals this year will be using data from the already insane market of 2021 and many will still fall below contract. Remember, the buyer’s loan is based upon the lower of the contract price or appraisal.

Can I check the status of my VA appraisal?

The only way to check the status of the VA appraisal process and the final report is to check with your lender. Your VA lender will receive a copy of the report – usually electronically – as soon as a Staff Appraisal Reviewer (SAR) has reviewed it.

What is VA escape clause?

The Mandatory Escape Clause, Part 1

Put simply, it addresses a situation when a VA property appraisal determines a home value lower than the contract purchase price. In these situations, this clause states that buyers can back out of the deal without any penalty.

Can a VA appraisal be rushed?

On rare occasions, we(VA) may ask you to expedite or prioritize a particular assignment. In those cases, complete that assignment based on the instructions we provide. Advise us immediately if unable to do so.” Meaning……all expedited cases have to go through the VA.

Do you have to pay VA funding fee on refinance?

Borrowers must pay the one-time VA funding fee when taking out a new VA loan or refinancing an existing VA mortgage. Borrowers pay the fee directly to the Department of Veterans Affairs, who uses the money collected to continue funding home purchases for active military members, retired veterans and surviving spouses.

How often do VA loans get denied?

How Often Do Underwriters Deny VA Loans? About 15% of VA loan applications get denied, so if your’s isn’t approved, you’re not alone. If you’re denied during the automated underwriting stage, you may be able to seek approval through manual underwriting.

What repairs are required for a VA loan?

VA Lender Required Repairs
  • Mechanical systems must be safe and have reasonable future utility.
  • Heating and roofing must be adequate.
  • Crawl spaces and basements must be dry.
  • Property must be free of termites, dry rot, and fungus growth.
  • Lead-based paint must be remediated.

ECAR 90 – Tidewater Notice

ECAR 90 – Tidewater Notice
ECAR 90 – Tidewater Notice

Images related to the topicECAR 90 – Tidewater Notice

Ecar 90 - Tidewater Notice
Ecar 90 – Tidewater Notice

Is a VA loan a strong offer?

The reality: numbers. For all purchases, according to Ellie Mae, 74.3 percent of VA loans closed, compared to 74.1 percent of all mortgages. Conventional (non-government did slightly better than VA, with a 75.2 percent closure rate.

What is Nov condition?

NOV establishes the estimated reasonable value of the property. NOV includes a list of conditions and requirements that must be satisfied for the property to be eligible for VA loan guaranty. Every VA appraisal must be reviewed by either the.

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