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ROV (Reconsideration of Value) Changes – FHA and GSEs

Appraisal Today

ROV (Reconsideration of Value) Changes – FHA and GSEs GSE Effective date is August 29, 2024 HUD Effective date is September 2, 2024 Editor’s note: This long section includes, In order: McKissock/Dave Bradley post with a good summary including links to HUD and GSE documents. The GSE’s have similar policies.

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Free Webinar: Components of AMC Training by Josh Walitt

Appraisal Buzz

Additionally, client contracts often require that appraisal management companies ensure staff receive proper training on various topics. Buzz : How should AMCs handle a reconsideration of value (ROV)? Josh : If the AMC knows how to handle a revision request, they already know how to handle a reconsideration of value (ROV).

Training 366
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The Appraiser’s Perspective: Insights and Tips for Real Estate Agents

Birmingham Appraisal

Do provide a packet of information about the property. This will help the appraiser understand the features and characteristics of the property and save them time in researching and verifying the information. Do provide information about comparable sales. Do provide information about comparable sales.

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Tidewater Initiative: What VA Appraisers Need to Know

McKissock

The VA has a unique set of protocols, known as the Tidewater Initiative, that a VA appraiser must follow when he or she expects the appraised value of a property is going to be lower than its contract price. This initiative has significantly reduced the number of formal Reconsideration of Value (ROV) requests received by the VA.

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Tidewater Initiative: What VA Appraisers Need to Know

McKissock

The VA has a unique set of protocols, known as the Tidewater Initiative, that a VA appraiser must follow when he or she expects the appraised value of a property is going to be lower than its contract price. This initiative has significantly reduced the number of formal Reconsideration of Value (ROV) requests received by the VA.

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Why Agents Should Share Their CMA With The Appraiser

Birmingham Appraisal

It’s important to understand that collaboration does not mean that both parties must work together so that the deal closes at the contract price no matter what. I believe that collaboration between these two real estate professionals means that they share information that promotes a transparent and open transaction.

Agents 91
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Challenging a mortgage appraisal

Annarbor Appraisal

When a sale is involved, the valuation may be lower than contracted price. Lenders offer a formal “Reconsideration of Value” (ROV) process. Another possible reason for an ROV would be incorrect information in the appraisal report. This begs the question, what, if anything, can the consumer do about it?