What can I do if I believe my appraisal is too low?
If you believe that your appraisal is too low, you can challenge the appraisal. Ask your lender for a reconsideration of value (ROV) which is a request to reassess the analysis and conclusions based on additional information that may affect the value of the property. During the ROV, you will have an opportunity to explain why you believe the evaluation is inaccurate and can request that the appraiser:
- Correct errors in the appraisal report.
- Consider additional, appropriate property information, including the consideration of additional comparable properties to make or support an appraisal.
- Provide further detail, substantiation, or explanation for the appraiser's value conclusion.