Reconsideration of value
A formal request, made through the lender, asking the appraiser to review the value using better comps or corrected facts. It does not guarantee a change.
Also called: ROV, appraisal rebuttal, appraisal dispute
Related terms
When the appraised value comes in below the contract price. The buyer may need to bring more cash, renegotiate, challenge the value, or use an appraisal contingency to exit.
A licensed appraiser's professional opinion of what a home is worth. Lenders require one to make sure the home supports the loan amount.
Recently sold homes near the subject property that are similar in size, age, and features. Appraisers and agents use them to estimate value.
A state-licensed or certified professional who estimates property values. For mortgages, the lender orders the appraisal so the appraiser stays independent of the buyer and seller.