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“Tidewater Initiative “
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This past Monday, I received an e mail from the loan officer that represents the buyer for one of the listings I am selling at Wadell AZ, She was notifying me about the “Tidewater Initiative”
In the Phoenix metropolitan area a purchase of a house with a VA home loan for the veteran buyer is required to notify that the value is coming in low, the “Tidewater Initiative” that was established in 2003.
Based on the Tidewater Initiative, a VA appraiser needs to give notice to all the parties in the transaction that the value for the property being financed is coming in lower than the home’s sales price. The loan officer will received the notification by the VA appraiser that the value is going to come in low. The point of contact (typically the buyer’s loan officer) communicates with both the buyer’s agent and the seller’s agent to collect additional data in an effort to help the Arizona VA appraiser with their valuation of the subject property it needs to be in a period of 48 hrs.
The VA appraiser reviews all of the additional data that is sent over after their 48 hour notice of low value. After considering the new data, the appraiser completes the VA appraisal and then delivers it to the lender that is providing financing for the VA buyer.
There is no guarantee that any of the new information that the agents provide will impact the appraiser’s valuation of the subject property. Ultimately, the appraiser has final say when it comes to evaluating a home’s market value.
Whether you are thinking about buying your first home or selling your current residence to buy the home of your dreams, give me a call and we will do an appointment to evaluate the market
Contact Me
623.341.6345
mmicasa@yahoo.com
HomeSmart
13166 W McDowell Rd # B
Goodyear , AZ 85395