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VA Wednesdays: What Happens In a "Tidewater" Situation When a VA Appraiser Values Your Home 馃彔 - YouTube
Channel: Jennifer Beeston
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Yes, it is my favorite time of the week it is va wednesday, so today we're going to talk about tidewater, what is a tidewater
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What am I talking about? What a crazy name right tide?
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Water, okay
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So what it's hide water is is if a va appraiser goes out to a property
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And he thinks it's not gonna appraise at value. He issues a tidewater i'm gonna say that 30 more times in this video
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So get ready for it. You can make a drinking game
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Um, so what a tidewater means is we get the notification and then we have to tell the realtors
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We're like, hey guys. We've got a tidewater
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And what that means is the realtors need to get together some more comparable sales because the appraiser is indicating to us
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Hey guys
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This house is not worth what they're in contract in from what I can see
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Please let the realtors know perhaps i'm missing something. If so, tell me now
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Okay
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And then it's like a race to the clock to make sure that the realtors get those items to us
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So that we can get them to the appraiser. Now a lot of people say to me. Well, how much lower is it?
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I don't know. They don't tell us they don't tell us that's the thing about a tidewater
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They don't say oh, hey, it looks like this is going to be five grand low or a thousand dollars low
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They just say it's going to be low and then we have to gather as much data as possible. So
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It can be really
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Frustrating for borrowers because they're like, I don't know if I can get it like maybe I can come up with an extra thousand dollars
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if it doesn't appraise maybe it's 20 000 so it can be very unnerving um because
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It's tough like as people. We're always trying to figure out worst case scenario, right?
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So you're like, okay, worst case scenario. It comes in at 250 instead of 260. Can I come up with 10k?
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Would the seller come down 10k right but with the tidewater, it could be 10k. It could be 20k. We have no idea
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Okay. So the key thing is is that as soon as we get that notification as a lender?
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It's like it's like a panic bell. It's like ah everybody run fire drill
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Let's do this and the realtors get the data
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We submit it back to the appraiser the appraiser reviews the additional data, which can take a couple days
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Um, and then they issue the appraisal and it's at that point. We know what the house appraised at
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Now the reason I bring up tidewater, especially like i'm on vacation this week
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But I was like I gotta talk about tidewater and I can't miss a va wednesday last night. I was at home depot
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and they're like, um
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If you guys watch this channel, then you know, I moved to monterey recently at home depot
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They're like, oh do you want to use your military discount? And I was like, oh my god
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I'm, finally in a place where they asked that and I was like I gotta do va wednesday
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Anyways tangent tangent. Sorry about that, but here's the deal so it's coming up a lot
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I've had four tidewaters in the last two weeks
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That's a lot. I used to see like one a year two a year
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But four in two weeks and it's not one part of the country
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It's across the country and that ties into what's happening in the market right now
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so as I film this video
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It's august 2020 and I say that because there's a good chance you could be watching this video in 2022 if you google tidewater
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I hope so because then my seo is working
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um
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But august 2020 the reason why we're seeing appraisals come in low is because the market has jumped so much so fast
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That there's not a lot of comparable sales from the past
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So what real what appraisers are always looking for is they are looking for what has sold within the last three to six months
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That's comparable to the home that you're buying. Well from my perspective the real estate market. July and august jumped like
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blow up like I
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Have not seen anything like it. It's crazy. And there's not a lot of sales from february march
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April may june to back up these new prices and a lot of that is due to the fact that the country was shut down
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Um, but a lot of it's because we are seriously in a feeding frenzy with housing right now
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So I anticipate for the next 30 days 30 to 45 days. I will see more tidewaters
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Um, just because of the way the markets popped so much so quickly and the comps. I mean people were locked in their houses
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There's not a lot of cons
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um
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but I anticipate that after that we'll see it even back out again, and that will be because
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The comparables will have caught up with the new market pricing. So I hope this has been helpful. Um
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The bottom line is is that your lender should totally know what a tidewater is
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If you're getting a va loan and you're like I don't know about this lender just be like, oh hey
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What do I do if there's a tidewater?
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Now any lender who does va is going to say?
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Oh well if you get a tidewater
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This is what happens and they're going to walk you through what I just did in the video, but if they're like a what?
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Right that's a sign that's a sign so thank you for watching. I hope this was helpful as always questions comments
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Let me know I will do my best to respond to comments in a prom
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Fashion, however, it can take a week sometimes just because it's crazy right now. It is madness. So thanks for watching
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