Reconsideration of Value Request Process Guide
This file provides a comprehensive overview of the Reconsideration of Value (ROV) process for property appraisals. It includes detailed instructions on how to submit a request and the necessary documentation required. The guide is essential for veterans and lenders looking to understand their options in the appraisal process.
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How do I fill this out?
To properly fill out this Reconsideration of Value form, begin by reviewing the specific options available for requesting a change in appraisal value. Ensure all required documentation, including comparable sales data or a narrative detailing your disagreement with the appraisal, is prepared. Finally, submit your request via the designated email with all necessary attachments.
How to fill out the Reconsideration of Value Request Process Guide?
1
Review the available request options for the ROV.
2
Gather all necessary supporting documents, such as comparables.
3
Fill out the required fields in the form accurately.
4
Attach your documentation to the email for submission.
5
Send the completed form and attachments to the designated email.
Who needs the Reconsideration of Value Request Process Guide?
1
Veterans seeking to dispute an appraisal value.
2
Lenders who need a revised property valuation for loan processing.
3
Real estate agents assisting veterans in reviewing property values.
4
Appraisers preparing to submit additional supporting data.
5
Investors needing accurate property valuations to make informed decisions.
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What are the important dates for this form in 2024 and 2025?
The relevant dates for submitting Reconsideration of Value requests in 2024 and 2025 will depend on various regulations; please refer to current VA guidelines for updates.
What is the purpose of this form?
The purpose of this form is to provide a mechanism for veterans and stakeholders to contest property appraisal valuations. It allows individuals to support their case with relevant data and documentation. This form aims to ensure fair and accurate property valuations in the lending process.
Tell me about this form and its components and fields line-by-line.
- 1. Case Number: Unique identifier for each request.
- 2. Name of Veteran Purchaser: Full name of the veteran appealing the appraisal.
- 3. Original Appraised Value: Value assigned to the property during the initial appraisal.
- 4. Value Requested: Value that the veteran is requesting following reconsideration.
- 5. Features: Unique selling points of the property.
- 6. Address: Property address for which the reconsideration is filed.
- 7. Date Received: Date the request was received by the lender.
- 8. Date of Decision: Date the final decision on the request is made.
- 9. Notes or Comments: Additional information pertinent to the request.
What happens if I fail to submit this form?
Failure to submit this form may result in a lack of reconsideration for the appraisal value, possibly affecting the funding process. Without proper documentation, the original appraisal will stand without challenge, which may not accurately reflect the property's value.
- Inaccurate Valuation: If the form is not submitted, the original appraisal that may be too low could affect loan approval.
- Missed Opportunity: Not submitting the form means missing the chance to contest and correct appraisal discrepancies.
- Delay in Financing: Without the reconsideration process, there may be delays in securing financing.
How do I know when to use this form?
- 1. Challenging Appraisal Values: When the initial appraisal is deemed inaccurate based on comparable sales.
- 2. Providing New Evidence: When new sales data or information may substantiate a higher property value.
- 3. Improving Loan Approval Chances: To ensure that lenders have the correct valuation for approval purposes.
Frequently Asked Questions
What is the Reconsideration of Value process?
The Reconsideration of Value process allows parties to contest an appraisal through documented requests.
Who can submit a request for reconsideration?
Any party of interest, including veterans and lenders, can submit an ROV request.
How long does it take to process an ROV?
Turn-around times for ROV requests are currently between 19 to 21 business days.
What documentation is required for an ROV request?
Required documents include comparable sales data and a narrative explaining your position.
Can I dispute the appraisal if the value decreases?
The VA only considers requests for an increase in value, not a decrease.
Is there a limit on how many comparables I can submit?
No more than three comparable sales will be considered.
What happens if my request exceeds a 15% increase?
A field review may be required.
Can a second appraisal be charged to the Veteran?
No, the Veteran cannot be required to pay for a second appraisal for an ROV.
How should I submit my ROV request?
ROV requests should be submitted via email, using one PDF document not exceeding 10Mb.
What if I disagree with the appraisal data?
You can request reconsideration based on disagreement by providing supporting documentation.
