article thumbnail

What Is a Reconsideration of Value for an Appraisal Report?

Kairos Appraisal Services

The cooling housing market is forecast to continue in 2023, and buyers and sellers are proceeding with caution. The good news is that a reconsideration… The post What Is a Reconsideration of Value for an Appraisal Report?

article thumbnail

In a hot housing market, gap between purchase price and appraiser condition ratings causes headaches

Housing Wire

Most AMCs offer a process called a Reconsideration of Value Request, or ROV, that when properly presented, encourages the appraiser to review the work based on additional appropriate data submitted. However, if sellers are willing to take the time to do repairs, the appraisal can be conditioned and brought back up. “If

Insiders

Sign Up for our Newsletter

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

article thumbnail

The Loan Officer’s Guide to Appraisals Part 8:  Appraiser Bias – Not Just About Color

Riverfront Appraisals

So far, we’ve covered communication with the appraiser, reconsiderations of value, FHA appraisals and a few other topics you should definitely go check out. This entire year, I’ve been blogging once a month with the purpose of assisting loan officers to better understand the appraisal process.

article thumbnail

The appraisal gap is complicating deals across the country

Housing Wire

Unfortunately, the appraisal put the house’s value roughly $50,000 below than what she paid. With others waiting in line behind her, the seller wouldn’t budge on price. The seller decided to counter back multiple people at $445,000 + no contingencies. Sellers are surely getting greedy.”. That’s common these days.

Appraisal 539
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). In the end, if the information provided justifies a reconsideration of value, then revise the appraisal report accordingly.

article thumbnail

The Appraiser’s Perspective: Insights and Tips for Real Estate Agents

Birmingham Appraisal

Appraisers have to analyze the offers and determine if they reflect the true market value or not. Multiple offers do not guarantee that the property will appraise for the contract price Even if the seller accepts the highest offer, there is no guarantee that it will be supported by the market.

article thumbnail

How to Ease the Transition to Senior Living

Cleveland Appraisal Blog

Reconsideration of Value and Appraisers – APPRAISAL TODAY. Buyers & Sellers feeling stuck in the housing market – Sacramento Appraisal Blog. Reconsideration of Value and Appraisers – APPRAISAL TODAY. Is the Sun Setting on High Prices? – DW Slater Appraisal Blog.