Remove Information Remove Market Value Remove Reconsideration of Value Remove Valuation
article thumbnail

How to Respond to a Reconsideration of Value Request

McKissock

To help you out, we’ve put together some practical information to strengthen your responses to a mortgage lender’s appraisal appeal, called a reconsideration of value (ROV). If the ROV has a deadline that is unattainable, you should inform the client immediately. Meet deadlines, if attainable.

article thumbnail

The Housing Market Has Become Like the Pymatuning Spillway

Cleveland Appraisal Blog

Within the past couple of weeks, I have appraised several properties for purchases, where my opinion of the market value of these homes was significantly below the contract price. When an appraiser’s opinion of value is below the contract price, that’s when the carping begins. Does this seem healthy to you?

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Why Agents Should Share Their CMA With The Appraiser

Birmingham Appraisal

I believe that collaboration between these two real estate professionals means that they share information that promotes a transparent and open transaction. It’s about sharing information when possible and working together through good communication.

Agents 89
article thumbnail

Getting Appraisers to Reconsider Value—Do’s & Don’ts

Portland Appraisal Blog

Usually this is done via a document known as a “reconsideration of value” (ROV for short). What is a Reconsideration of Value? In short, a reconsideration of value is another appraisal. A means of passing along important information not previously disclosed to the appraiser. So, let’s define it.

article thumbnail

New Homebuyer’s Guide To Appraisals

Birmingham Appraisal

I would like to do my part by informing and educating you on the appraisal part of the transaction. Banks are typically absolved from discrepancies between the amount they lend and the true market value of the home meaning that they will not be held responsible to the buyer. Appraisal vs Home Inspection.

article thumbnail

Opinion: The pros and cons of VA modernization bill

Housing Wire

When it comes to offering an opinion of ‘good or bad’ on HR 7735 — the VA modernization bill — and its ultimate ability to create a better appraisal process for veteran and active duty borrowers, it’s simply too early to tell with too little information being shared on exactly what changes we should expect.