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Sellers Should Dispute Low Appraisals on Their Homes

Realtor

Keep in mind that appraisers are licensed professionals that the lender hires, rather than the seller or buyer. Submit a Reconsideration of Value (ROV) request to the lender: Youll likely have to do this through the buyer. Homes lacking storm protection or energy-efficient upgrades may receive lower appraisals.

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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?

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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

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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.

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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.

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The Housing Market Has Become Like the Pymatuning Spillway

Cleveland Appraisal Blog

When an appraiser’s opinion of value is below the contract price, that’s when the carping begins. The number of professional reconsiderations of value coming in are increasing. My advice to agents and sellers is to really analyze the properties that they are using to develop their asking price.

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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.