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Topic 8. Market Data Submitted During the Appraisal Process
March 11, 2019
This Chapter has been revised in its entirety.
a. Notification from the Appraiser
During the appraisal process, fee appraisers are required to notify the requester before completing the appraisal when it appears that the estimated market value will be below the sales price. The appraiser will allow 2-business days for the requester, or any parties to the transaction contacted by the requester, to submit any additional sales data that they wish to have considered. This process is known as the "Tidewater Procedure" as VA first piloted this procedure in the Tidewater area of Virginia.
b. Comparable Sales Data
For each potential comparable sale submitted, the following information should be provided:
street address,
sales price,
date of sale,
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gross living area,
if the property was listed, a copy of the listing with details about the property, and
any other information to assist the appraiser in determining whether the sale could be used as a comparable property. It is the responsibility of the requester to provide sufficient information for the appraiser to analyze.
c. Notation in the Appraisal
If market data is submitted, the appraiser will note in the appraisal that this procedure was followed and include the following information:
street address of each sale submitted,
whether or not each sale was considered and, if not, the reason, and
the effect of the data, if any, on the opinion of value.
d. No Data Submitted
If no market data is submitted, after 2-business days, the appraiser will note in the appraisal that the Tidewater Procedure was followed and complete the appraisal report.
e. Process is for Sharing Market Data Only
This process is in no way to be considered as instruction to the appraiser to meet any preset value.