While VA loans require a little extra from a home buyer and a better condition of the home, they also come with a pretty significant advantage: The Tidewater Initiative.
What is the Tidewater Initiative?
The Tidewater Initiative can help a deal from falling through if an appraisal looks like it’s going to fall short. This feature doesn’t exist in other appraisal processes, but it’s a huge advantage to veterans who are applying for VA loans. New in 2003 and re-affirmed by the VA in 2017, you can find the details of the Tidewater Initiative in the VA circular 26-17-18. This helps greatly improve communication between the appraisers. Because of this initiative, there is a chance to defend a selling price before the appraisal report is final. This ends up reducing the number of requests for appraisal rebuttals.
So, if the appraisal thinks that the appraisal is about to come up short of the necessary price, the call up the lender’s point of contact and let them know that they are “invoking the Tidewater Initiative.” This process benefits the veteran and can keep the mortgage deal from falling apart. It gives you two working days to come up with comparable sales or explanations that can help increase the appraisal value. It also lets the realtor include pending sales contracts and description of the differences of the pending sale or comp and the property that is currently undergoing the Tidewater Initiative.
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Please consider our team at Alex MacWilliam Real Estate whether you’re selling your home or looking for a new one. We love helping make people’s dreams come true. Plus, we’re experts in this area. Want to find a place to golf in Vero Beach? Just ask one of our skilled realtors while touring your potential new house! Our realtors will try to answer any questions you might have about amenities you can find nearby. Also, check out our Vero Beach relocation guide.
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So, if you are considering relocating to Vero Beach, please contact us today. Our real estate team is extremely knowledgeable about the area and can find the perfect home for you. Call us at 772-231-6509 to talk to a Realtor® in Vero Beach, FL today. We can search the MLS and find your dream home.