Your rights and options when a home is appraised
Chapter 4: asking for a second look
Know this
A reconsideration of value is a request, made through your lender, for the appraiser to review the value based on information you provide: factual errors, better comparable sales or concerns about bias. Lenders must have a process. Fannie Mae's guide allows one borrower-initiated request per appraisal, with up to five alternative comparables.
Last reviewed against the primary sources listed below.
What to include
- The property, appraisal date and appraiser.
- Specific errors, with proof.
- Alternative comparable sales and why they fit better.
- Any concern about bias, stated plainly.
Rules
See Fannie Mae B4-1.3-12, the ROV page and the CFPB blog.
Appraisal questions
How long does a ROV take?
It depends on the lender and appraiser; ask your lender for its timeline when you submit.
Can I order a second appraisal?
A lender may order a new appraisal in some cases, but the usual first step is a reconsideration of value through the lender.