Skip to main content

Reconsideration of Value Overview

Read this document thoroughly before submitting a Reconsideration of Value Request Form.

You can view and download the Reconsideration of Value Request Form Here

What does Appraisal of your property mean?

An appraisal is a professional opinion of your property’s value determined by a licensed appraiser. It helps your lender assess the property’s worth in your local market (fair market value) to ensure it supports your loan amount. To provide an accurate and reliable estimate, appraisers must follow strict guidelines called the Uniform Standards of Professional Appraisal Practice (USPAP). These standards cover everything from comparing similar properties to using appropriate valuation methods.

What is a Reconsideration of Value?

A Reconsideration of Value (ROV) is a formal request made by a consumer for the appraiser to reevaluate the analysis and conclusions of the initial appraisal using additional information provided by the consumer that the consumer believes to be relevant to the appraiser’s value determination. The ROV Process is not intended to change the value because someone is dissatisfied with the appraisal conclusions or outcome. However, if there are any issues with the reliability or credibility – including any evidence of discrimination or bias – the appraisal value may be reconsidered, or a new appraisal report may be ordered.

Important Note: The ROV process must be completed prior to closing your mortgage loan transaction. Only one (1) ROV request is permitted per appraisal report. Any ROV requests submitted after closing will not be considered.

Appraisal Bias or Discrimination Concerns

Synergy One Lending is committed to fair and responsible lending.  We take all steps to prevent bias or discrimination throughout the loan origination process, including the appraisal stage.

The Fair Housing Act and Equal Credit Opportunity Act protect you from discrimination based on:

  • Race
  • Color
  • National Origin
  • Religion
  • Sex (including gender identity or sexual orientation)
  • Marital Status
  • Military Status
  • Disability
  • Age
  • Receipt of Public Assistance

If you believe your appraisal was impacted by bias or discrimination:

You have the right to request a reconsideration of your property’s appraised value, even if your real estate agent or loan officer doesn’t believe it will change. Here’s how to submit an ROV:

How the ROV process works

Gather Supporting Evidence
  1. 1. Collect any relevant information or documents that support your request. This may include:
    • Additional comparable sales that were not considered in the initial appraisal
    • Comparable sales must be for a closed purchase within the last 12 months and prior to the effective date of your appraisal.
    • Comparables must come from a verifiable source such as MLS or County Records. Sources such as Zillow and Trulia are not considered verifiable sources and cannot be used.
    • No active listings or contingent sales will be considered.
    • Comparables must be in close proximity to your property and with similar characteristics such as room count, style square footage, updates, location, view, etc.
    • No more than (5) five sold comparables may be submitted.
  2. 2. Description of factual errors or omissions such as incorrect room count; square footage; age of the home; quality or condition ratings; and/or failing to include features such as fireplace, pool, patio, or other amenities.
  3. 3. Report any verbal discriminatory or biased comments by the appraiser, and/or note any references to diversity or lack of diversity, ethnicity, languages, neighborhood gentrification, or other discriminatory references or language in the appraisal report.
Completing the Form:
  • You can complete the ROV Request Form yourself or get input from your real estate agent or loan officer on relevant information to include.
  • The Form allows you to highlight:
    • Factual errors: Miscounts on bedrooms, square footage, or property age.
    • Alternative comparable sales: Properties you believe are better comparables for your appraisal.
    • Concerns of bias or discrimination.
Submitting the Form:
  • Download the ROV Request Form and complete it thoroughly.
  • Sign the form and email it to ROV@s1l.com.
  • Simply requesting the form doesn’t initiate an ROV.
What Happens Next?

Upon receiving your ROV request, we will:

  • Acknowledge receipt of the ROV request in writing.
  • Review the provided information and supporting documentation. If clarification or corrections are needed, we will contact you in writing for further explanation.
  • Forward your request to the appraiser for reconsideration.
  • After receiving the appraiser’s decision and any adjustments to the appraisal report, notify you in writing of our final determination within fourteen (14) business days of submitting your request.

An ROV is a request of the appraiser (not Synergy One Lending’s Appraisal department) to make factual corrections, reconsider alternate sales, and/or to provide additional support for their conclusions. The appraiser has complete independence from all parties involved.

This determination for reconsideration or a new appraisal report is based on all of the above and is at the discretion of Synergy One Lending, Inc.

Review and Processing:
  • Our Appraisal Desk will review your form to ensure it’s complete with relevant information and complies with appraisal independence standards.
  • If the form is acceptable, they’ll forward it to the appraiser.
Appraiser’s Review:
  • The independent appraiser will consider your request and determine if adjustments or corrections to the report are appropriate. They cannot be influenced by you or Synergy One Lending due to appraisal independence regulations.
Communication:
  • Your loan officer will inform you of the ROV’s outcome.

How to Finish your Form

Comparable Sales and the Appraisal Process

To help the appraiser accurately value your property, please provide as much detail as possible. If you’re working with a real estate agent, they can share relevant comparable sales. For refinance transactions, online tools like Redfin or Zillow can be helpful for identifying recent sales, but remember, listings alone aren’t sufficient.

If you believe the appraisal contains factual errors, clearly specify the inaccuracies. Examples include incorrect numbers of bedrooms or bathrooms, inaccurate square footage, wrong property age, or missing features like fireplaces, garages, or pools.

Comparable Selections Guidance

Comparable sales are crucial in determining a property’s value. The appraiser selects the most relevant comparables based on various factors. Here’s what to know about comparable sales:

  • Closed Sales Only: Appraisers use properties that have recently sold, not those currently listed or under contract.
  • Recent Sales: Ideally, comparable sales should be within the past 6-12 months, but this can vary based on market conditions.
  • Geographic Proximity: Comparables should be in the same neighborhood or a similar, competitive area. The appraiser will explain their choice if they use a different neighborhood.
  • Similar Properties: Comparables should have similar features like size, style, and condition to your property. The appraiser will make adjustments for differences.

Remember, the appraiser is the expert and will determine the best comparables for your property’s valuation.

Requirements for Appraiser Independence

To protect the appraiser’s independence, it’s essential to avoid any actions that might influence their valuation. Please follow these guidelines:

  • Avoid suggesting a value: Do not share your expected property value or range.
  • Limit appraisal information: While you can share comparable sales from a previous appraisal, please don’t submit the entire report.
  • Be respectful: Clearly and calmly explain your concerns about the appraisal.

Failure to follow these guidelines may result in your ROV request being returned.