Reconsideration of Value
Appeals
We recognize that there are times when borrowers may wish to have
the appraiser reconsider an aspect or aspects of the
appraisal. Our staff is ready to assist you if ever you
require this review. However there are some critical
components to ensuring a compliant reconsideration.
The Code restricts any mention of a desired value - or even
value range - in any communication with appraisers - including
in a reconsideration of value request. You're welcome to offer
additional data, comps, or ask for additional explanations as to
how or why a conclusion was reached - but you may not 'opine' as to
what you believe value is or should be. That is solely the
responsibility of the appraiser. We have the best panel in the
industry and we need to trust their expertise. That's not to say we
can't all question a report, just that we all do so in a code
compliant fashion.
Our value appeals form has three components:
- There is an error or omission on the appraisal for the
subject that when corrected should alter the opinion
of value set by the appraiser.
-
There is an error or omission on
the appraisal for a comparable that when corrected
should alter the opinion of value set by the appraiser.
-
There were other recent
sales/comparables that were not used in the report that should have
been considered (recent sales is 90 days prior to the inspection
date - up to six months prior may be acceptable in some
circumstances).
If you questions about this policy - or anything about our
process - you're always welcome to call us at anytime.