I have a listing currently under contract and set to close in 2 days. The buyer’s lender let me know yesterday that the appraiser has called for the tidewater process (which I know about, but have never encountered). The appraiser did provide the comps they were using which some are similar to the ones I used. I was worried about a low appraisal on this one as there were competing offers and the buyer who won was pretty aggressive. I sent additional comps from a neighboring town (all sold, but I know they aren’t actually comps when not within a mile etc.) I guess my question is how low do VA appraisals typically come in when this happens? And are appraisers typically trying to get as close to the contract price as they can justify? I’m aware that they are meant to be unbiased, but I imagine they don’t want deals to fall completely apart etc. There are some unique features on this particular home that I’m not sure how they would adjust for given the comps in the area.
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source https://www.reddit.com/r/RealEstate/comments/px8tzm/question_for_appraisers_tidewater_process/
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