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Va reconsideration of value letter example

Sample reconsideration of value letter 2025

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The document is a circular from the Veterans Benefits Administration outlining the procedures for processing requests for Reconsideration of Value (ROV) on VA appraisals. It reaffirms compliance with the Uniform Standards of Professional Appraisal Practice (USPAP) and emphasizes the importance of timely processing to facilitate VA loan closings. The circular details requirements for fee appraisers, including report preparation and response timelines, as well as policies regarding compensation for ROV requests.

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What is a bank reconsideration of value?

A Reconsideration of Value (ROV) is created by an applicant and is a request for the appraiser to reconsider the analysis and conclusion provided on the initial appraisal report. The applicant will provide additional information that they believe may impact the initial appraisal valuation.

How do you fight a low appraisal and win?

What To Do If You Get A Low Appraisal Request A Second Look. Your real estate agent will take the lead in pushing back on a low appraisal. Make Up The Difference In Cash. Attempt To Renegotiate The Purchase Price. Utilize An Appraisal Contingency And Walk Away.

What is a reconsideration of value disclosure letter?

An ROV is a request that a financial institution may make to the appraiser or other entity that developed a valuation report for a property being used as collateral for a loan to re-assess the report based on potential deficiencies or information that may affect the value.

What is a reconsideration of value summary?

Appraisals can vary due to the data used, appraiser experience, uniqueness of a property, or even biases. ROVs provide the opportunity to challenge a value if there was a mistake or something fell through the s during the appraisal process.

How to request a reconsideration of value?

If you have concerns with the appraisal, your loan officer or banker will discuss the process to relook at the value, referred to as a Reconsideration of Value or ROV. The first step is to work with your loan officer or banker to submit information necessary to complete the ROV request.

reconsideration of value disclosure template

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What is a disclosure for reconsideration of value?

A request for a reconsideration of value should be considered when a borrower has questions regarding the reliability or credibility of the appraised value. The ROV request may indicate: There are errors or omissions in the appraisal report, including incorrect data or mathematical errors.

What is the difference between appraisal update and recertification of value?

An update is a new appraisal assignment involving a property that was previously appraised. An update is subject to the same USPAP requirements as any other appraisal assignment. A recertification of value is performed to confirm whether or not the conditions of a prior assignment have been met.

What is a notice of right to request a reconsideration of value?

An ROV is a request to the appraiser to reconsider the analysis and conclusions of his or her appraisal based on information not presented on the appraisal report. Only your lender may request an ROV from an appraiser on your behalf.

Sample reconsideration of value letter 2025

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