Another ROV story

[Dublin ohio]

Regarding what ROVs are USED for....has anyone ever received an ROV that was NOT related to value? In other words, when opinion of market value was equal or greater than contract price?

If there is a factual error, that was always just a quick email to me. It's John Doe not Jon Doe...please correct and resubmit.

How could an ROV (reconsideration of value) not be about value?

 

[Overimprovement]

How could an ROV (reconsideration of value) not be about value?

I guess that's what being out of the game almost 3 years gets me!

 

[sputnam]

Regarding what ROVs are USED for....has anyone ever received an ROV that was NOT related to value? In other words, when opinion of market value was equal or greater than contract price?

If there is a factual error, that was always just a quick email to me. It's John Doe not Jon Doe...please correct and resubmit.

Sure.... typos happen. I've always considered those as revision requests... not Reconsideration of Value.

 

[OSU Beavers]

Next time Google the homeowner. If they are a Realtor or attorney, RUN!

 

[shrubberyvaluation]

Hitting the bullseye is one way to avoid ROVs. It's not the only way. Delivering a well written, fully supported appraisal also works. One of the requirements for that is doing the work. To the best of my recollection, in the relatively few ROVs I've gotten, I've never been given a sale that had not already been considered and was safely tucked away in my work file.

I've worked ROVs from both sides, and imo, most of the time, the Homeowner/Realtor/Loan Officer knows that you did a good job. What they don't know is how willing you are to bend over when they complain.

I'm not going to write a dissertation on why a new construction 5 miles away isn't comparable to my REO subject and even if I did I don't think it would make a difference.

 

[Tim Hicks (Texas)]

Hitting the bullseye is one way to avoid ROVs. It's not the only way. Delivering a well written, fully supported appraisal also works. One of the requirements for that is doing the work. To the best of my recollection, in the relatively few ROVs I've gotten, I've never been given a sale that had not already been considered and was safely tucked away in my work file.

I've worked ROVs from both sides, and imo, most of the time, the Homeowner/Realtor/Loan Officer knows that you did a good job. What they don't know is how willing you are to bend over when they complain.

Just had one tonight, I was $20,000 below contract price. Five sales directly from the subdivision and one from outside the subdivision all within the past 90 days. They sent one sale that supported less than my value and two sales over six months. They then stated there were rising market conditions. I had to point out my monthly market conditions report that shows there were stable market conditions for the last six months and declining market conditions for over six months.

Sometimes, you cannot avoid an ROV.