ROV From Seller

[djd09]

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.

impartial means treating all parties equally...

 

[shrubberyvaluation]

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.

Of course anyone can sue you or turn you in to the state to be a PITA.

 

[Non Sequitur]

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

Yep. ANY person with an interest in the transaction may submit an ROV to the lender.

 

[shrubberyvaluation]

Removed

 

[shrubberyvaluation]

arms length?

This could make a difference for sure.

 

[djd09]

the lender should just let the buyer/seller write up an appraisal...

 

[Elliott]

I would throw the "Fair Housing Act" back at them and does not require a ROV from a seller. "Any interest" is excessively vague and any court would agree. What "interest" would a seller have in an appraisal used to secure a mortgage loan? Is there a paragraph in the Fair Housing Act that says, "Sellers who have their nose out of joint are entitled to a review." : )

 

[ZZGAMAZZ]

I would throw the "Fair Housing Act" back at them and does not require a ROV from a seller. "Any interest" is excessively vague and any court would agree. What "interest" would a seller have in an appraisal used to secure a mortgage loan? Is there a paragraph in the Fair Housing Act that says, "Sellers who have their nose out of joint are entitled to a review." : )

Kinda interesting that contracts with an app contingency address appraisals only below but never above contract price.

 

[djd09]

Yep. ANY person with an interest in the transaction may submit an ROV to the lender.

...naming a 'client' is pretty useless

 

[Zoe]

What kills me sometimes is a third party that send comparables that would be lower appraised value than the better comparables in the appraisal. You get like, are you sure you meant to send these comparables to my lender? This is why you should not have sent these comparables.