ROV From Seller

[ilsindaco2628]

I recently completed an appraisal for a purchase. My final value came in above the contract price.

I just got a reconsideration of value with three comps and the description is that the SELLER feels that their home is worth more than the appraised value.

Am I expected to address this? The appraisal is for the buyer and the buyer's lender. I am so confused.

 

[J Grant]

I recently completed an appraisal for a purchase. My final value came in above the contract price.

I just got a reconsideration of value with three comps and the description is that the SELLER feels that their home is worth more than the appraised value.

Am I expected to address this? The appraisal is for the buyer and the buyer's lender. I am so confused.

Unfortunately, if the ROV was sent to you from your client ( a lender or an AMC), they expect you to address it regardless.

However, if the ROV was sent directly to you by he seller, then you should not address it with them and should refer it to your client and let them deal with it.

 

[Dublin ohio]

I recently completed an appraisal for a purchase. My final value came in above the contract price.

I just got a reconsideration of value with three comps and the description is that the SELLER feels that their home is worth more than the appraised value.

Am I expected to address this? The appraisal is for the buyer and the buyer's lender. I am so confused.

I would make sure that my response contained wording pointing out the Illogical nature of the request. That being if they thought their house was worth more than your OMV above contract. Why did they accept the offer. Was your OMV also above list price?

 

[JTip]

I recently completed an appraisal for a purchase.

arms length?

 

[Fernando]

Very odd. You better review the purchase contract such as NRCC to see no funny business.

 

[sputnam]

I recently completed an appraisal for a purchase. My final value came in above the contract price.

I just got a reconsideration of value with three comps and the description is that the SELLER feels that their home is worth more than the appraised value.

Am I expected to address this? The appraisal is for the buyer and the buyer's lender. I am so confused.

You have obligations to your Client. No one else. If your Client requested the ROV... then, yeah. If the Seller contacted you directly, then you politely tell them that they will have to discuss it with your Client.

 

[DWiley]

I recently completed an appraisal for a purchase. My final value came in above the contract price.

I just got a reconsideration of value with three comps and the description is that the SELLER feels that their home is worth more than the appraised value.

Am I expected to address this? The appraisal is for the buyer and the buyer's lender. I am so confused.

An ROV should come to the appraiser from the lender or the lender's agent (AMC). But the source of the ROV may be much broader. Per DF:

 

[Jerry Bone Jr]

I recently completed an appraisal for a purchase. My final value came in above the contract price.

I just got a reconsideration of value with three comps and the description is that the SELLER feels that their home is worth more than the appraised value.

Am I expected to address this? The appraisal is for the buyer and the buyer's lender. I am so confused.

Yes, I can do this ROV for you. The fee will be $300 with a 1 week turn. The ROV will be started when the payment is received.

 

[Zoe]

An ROV should come to the appraiser from the lender or the lender's agent (AMC). But the source of the ROV may be much broader. Per DF:

View attachment 103879

Yeah, I don't care where it comes from as long as it is my client. If the homeowner is my client, then I will kindly respond. If a lender is my client and another party wants an ROV, I will ask them to please send it through the lender because the lender is my client. Send it to this person. This is their email and phone number. They will send it to me and I will respond to the ROV.

Of course I respond in the appraisal report with Revised appraisal report and new signature date.

It just keeps it clean across the board and above water. Everyone is treated fairly.

There is paper trail on it to be traced. It is just clean.

Nothing wrong with changing appraised value on an ROV. Nothing wrong with not changing the appraised value if a change is not needed.

 

[Tom D]

Tell the seller that when the new sale price settles, it becomes the new value for the subject. Your lender would not have sent this, or did they have to.

Hey state, the owner yells. I got undervalued when i signed that sales contract. It's the appraisers fault, i'm not sure for what.

I don't know, but from fannie, it's says a buyer must request the rov, not the seller. There is no mention of seller in any rov initiation material......

For loans requiring an appraisal report, the lender must have policies and procedures in place for a borrower-initiated reconsideration of value (ROV). At a minimum, the ROV process must meet Fannie Mae requirements and adhere to all applicable local, state, and federal laws.