A reconsideration of value is a request to the FHA Roster appraiser to reconsider the analysis and conclusions of his or her appraisal based on information that was . This means the VA home buyer needs to make up the $10,000 difference. "I don't like the comps you used and you should have used these because my value would have been higher" does not work. It depends. Getting a reconsideration of value. In instances where the new appraisal comes in lower than the original, the homebuyer may challenge the appraisal – this is known as a Reconsideration of Value (ROV). Click to check today’s VA rates. The VA has begun to recommend that veterans who receive a claim denial on their initial claims submit a request for reconsideration. presented on the appraisal report, but was relevant to the appraisal and Please do not state a specific value, minimum value, value range or value direction. It sounds reasonable enough, so veterans do it. Location: Ashburn, VA. 989 posts, read 2,579,375 times Reputation: 641. What options do VA home buyers have when this occurs? If a VA appraisal comes in low, a reconsideration of value (ROV) could be the best option. When you request a review from a Veterans Law Judge at the Board of Veterans’ Appeals, it could take 5-7 years for you to get a decision. Challenging a Low VA Appraisal. For more information regarding the VA reconsideration process, please see section 13.09 of the Lender's Handbook. You can use the Reconsideration of Value any time that the appraised value of a home is shown to be less than the home’s contracted price, which can help to hold a VA … The appraisal helps lenders calculate a home’s reasonable market value and ensures the property measures up to the VA’s Minimum Property Requirements (MPRs).. It’s a tall order for a VA … However, you may list comparables from the prior appraisal in the grid provided on the Reconsideration of Value Form on page 2. The wait is long in the VA system, everyone knows that. 3. 2. The VA’s regulations do not require the VA CVE to process reconsideration requests in 60 days, because the regulation uses the wishy-washy “when practical” qualifier. Nevertheless, I hope the VA CVE pulls out all the stops to return to a 60-day time frame as soon as possible. How long does it take VA to make a decision? With an ROV, anyone involved in the transaction (buyer, seller or agent) may challenge the appraisal value. The Veterans Benefits Administration usually takes 12-18 months to review new appeals and decide whether to grant some or all of the appeal. If the SAR does not support an increase in value or the case is not being processed under LAPP, VA will review the case and make a final value decision. 1. ... Documentable misinformation is a valid reason to request reconsideration of value and you should expect a change in value. 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