Appraisal Dispute

Reconsideration of Value

Please complete the form below and provide information to substantiate the basis of your request. Gateway Metro FCU will contact you within two (2) business days for any required documentation to expedite your request.

Appraisal Dispute Form

First Name

Last Name

Phone/Mobile

Subject Property Address

Address Line 1

Address Line 2

City

State

Zip Code

Purpose of this request (choose one):

Consider additional information about subject property or comparable properties

Correct factual errors (list in the ERRORS box below)

Errors:

Check all that apply:

An appraisal was prepared within 6 months of the current appraisal date on subject property with value 10% or more than current valuation. (documentation required)

The borrower has made significant upgrades or finished an addition to the subject property does not reflect in the appraised value. (documentation required)

The sales comparables used in the appraisal are not representative of the subject property or market area. (Enter comparable sales in COMPARABLE SALES box below)

Criteria for comparables listed for consideration:

Must have SOLD no more than 180 days from the date of subject appraisal (other comparables may be permitted depending on area or location. For example: rural or unique properties.)
Must be SIMILAR in GLA, Age, Design, Amenities, and Site area.
Must be from the same neighborhood or similar neighborhood to subject property.

Comparable Sales (add additional row for more comparisons)

Street Address	ZIP Code	Closed Date	Source of Data	Sales Price	Distance from Subject Property	Site Area	GLA	Actual Age	Room Count (Beds/Baths)

NOTE:

If any selection above indicates documentation required, you will receive an email within two (2) business day to provide that documentation.

Servicing & Support will review your request prior to it being sent to the appraiser for re-consideration to ensure it is complete and all needed documentation has been provided to expedite the process. The information contained in this request will also be reviewed for compliance with the Appraiser Independence Rule (AIR) to ensure that the request is free from any type of undue influence or pressure. In accordance with AIR, DO NOT PROVIDE any type of anticipated, estimated or desired valuation at any time during this process.

Frequently Asked Questions

How long does an appraisal dispute / reconsideration of value (ROV) take?

It can take up to two weeks for the results of the dispute. So keep in mind if you request an ROV, it could delay your closing. You will want to have a conversation with your lender, your loan officer, your realtor, and the seller so that everyone is aware of any potential delays.

What is a Reconsideration of Value (ROV)?

An ROV is a request to the appraiser to review and reconsider the analysis and conclusions of value on a property based on incorrect information or information not presented on the appraisal report.

Why would an appraisal be incorrect?

Appraisers are human and sometimes make mistakes or use outdated data that can affect your home’s appraised value. If information on your appraisal is incorrect, you can and should request an ROV.

How often are appraisals changed/corrected?

It is not often that an appraisal is changed/corrected. However, if information included on your appraisal report is incorrect, it may affect the value.

Appraisal Dispute

Reconsideration of Value

Frequently Asked Questions

How long does an appraisal dispute / reconsideration of value (ROV) take?

What is a Reconsideration of Value (ROV)?

Why would an appraisal be incorrect?

How often are appraisals changed/corrected?

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