What's a reconsideration of value and when does it work?

What's a reconsideration of value?

You want to understand what a reconsideration of value is and when this appraisal process might help your situation.

A reconsideration of value (ROV) is a formal request asking the appraiser to review their original appraisal report. The appraiser looks at additional information you or your lender provides and decides whether to adjust the property value. This process typically happens when the appraisal comes in lower than the purchase price or when you have comparable sales data the appraiser didn't consider.

Your lender can walk you through what documentation supports an ROV request. Common examples include recent comparable sales in the neighborhood, details about home improvements not reflected in the original report, or corrections to factual errors about the property's features. The appraiser reviews this new information and either maintains the original value or issues a revised appraisal.

Most lenders allow one ROV request per loan, and the process usually takes a few days to complete. The appraiser isn't required to change the value, but they will consider the additional evidence. Share any supporting documentation with your lender and they can explain how the ROV process works with your specific appraisal situation.