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VA appraisal coming in les than the sales price? What happens next?

The good news is there are a few options on VA loans that provide help to the Veteran should the appraiser have trouble reaching the value as indicated on the purchase and sale agreement. The official term is called “Tidewater” and it’s used to help provide additional sales data that can help the appraiser complete the appraisal report.

Step 1 Buyer & Seller agree on the sales price

Step 2 Buyer applies with a mortgage broker for a VA home loan

Step 3 Mortgage broker orders the VA appraisal

Step 4 Appraiser notifies Mortgage Broker the value is coming back less than the sales price This is called Tidewater. The final value is not discussed at this point.

Step 5 Mortgage broker notifies real estate agents to provide any additional closed sales data to help the appraiser complete the appraisal report. The agents have 48 hours to provide this information

Step 6. Appraiser completes the appraisal report and uploads to the VA portal. Once the mortgage broker is notify, they can download the appraisal report and let all parties know the final value. If the additional data was helpful, the appraised value should match the sales price. If not, you can request the seller to drop the price and match the VA appraised value.

For additional information on VA loans in Washington State, call 253-472-1500 to ask any questions. Evenings and weekends are OK.

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