Reconsideration of Value

Reconsideration of Value (ROV): Value Appeal Form

For a variety of reasons, you may disagree with the appraiser’s value estimate. It is your right to ask the appraiser to reconsider the value!

1) The Dodd-Frank Act of 2010 requires that every appraiser is hired as a neutral third party contractor. The appraiser is not an employee of Kairos Appraisal Services.

2) The appraiser is an experienced State licensed appraiser, with competency in the area, and has written hundreds of appraisal reports in this market - if not thousands.

In adherence to the Dodd-Frank Act and Appraiser Independence Requirements (AIR), Kairos has designed this Value Appeal Form to get the process started as quickly as possible while maintaining compliance.

This data will be reviewed by our staff internally, and all reasonable requests will be presented to the appraiser.

Reconsideration of Value

Step 1 of 3

STEP ONE: Property, Contact, and Loan Information.

Is this an FHA Loan?(Required)

*Value Appeals for FHA loans can only be submitted by the DE Underwriter.

Value Appeals for FHA LOANS may only be submitted by the DE Underwriter.

FHA Case Number(Required)

*FHA loan value appeals can only be submitted by the DE Underwriter.

DE Underwriter Name / Chums #(Required)

DE Underwriter Email Address(Required)

DE Underwriter Phone(Required)

Borrower Name(Required)

Please provide the borrower's First and Last Name.

Loan Number(Required)

Requestor(Required)

Requestor Phone(Required)

Requestor Email Address(Required)

Subject Property Address(Required)

Please click "NEXT" to provide a summary of why you would like to appeal the value of this appraisal.

STEP THREE: Please suggest up to three alternative comparable properties that are not listed in the original appraisal report.

ALTERNATIVE COMPARABLE ONE

Please Consider This Comparable - ONE

Please provide the full address: Street, City, State, Zip

ALT COMPARABLE ONE - Proximity to Subject Property

TIP: Only suggest comps that are within the same proximity to the subject property as the furthest comparable that the appraiser used in the original report.

ALT COMPARABLE ONE - Sale Price

TIP: Do not suggest properties that have sold for less than your expected value.

ALT COMPARABLE ONE - Sale Closed Date

TIP: Only suggest comps that closed after the oldest sold comparable on the original appraisal report.

ALTERNATIVE COMPARABLE TWO

Please Also Consider This Comparable - TWO

Please provide the full address: Street, City, State, Zip

ALT COMPARABLE TWO - Proximity to Subject Property

ALT COMPARABLE TWO - Sale Price

ALT COMPARABLE TWO - Sale Closed Date

ALTERNATIVE COMPARABLE THREE

Please Also Consider This Comparable - THREE

Please provide the full address: Street, City, State, Zip

ALT COMPARABLE THREE - Proximity to Subject Property

ALT COMPARABLE THREE - Sale Price

ALT COMPARABLE THREE - Sale Closed Date

Acceptable documentation for a reconsideration of value includes:

1. Full MLS printouts of no more than three additional comparable sales, from the subject market area, which are similar and proximate to the subject, and recent (same time frame as the comparables included in the appraisal report.

2. A legible copy of a different appraisal report on the subject property, including colored photos of the subject and comparable sales completed within the past four months.

3. Using this form to identify significant errors in the original appraisal report regarding the subject or comparables, which may have an effect on the value and/or marketability.

Unacceptable documentation for a reconsideration of value includes:

1. Inclusion of personal property such as above ground pools
2. Sales that require excess location, quality, appeal, or condition adjustments
3. Listings or assessor’s data
4. Lists of sales with limited information similar to realtor market surveys
5. SiteX and other nonverifiable data
6. Any other item that does not contain enough detail to determine the validity of a likely comparable after reviewing the information required, if the additional data provided appears to potentially warrant an increase/decrease in value for the subject.

The Appraisal Review Department will contact the appraiser requesting that he/she review the additional data for a reconsideration of value. After reviewing the information provided, if it does not appear to warrant a value increase/decrease, the Appraisal Review Department will respond to the broker with the reasons for stopping the value appeal process prior to submitting the data to the original appraiser, the information will not be sent to the original appraiser, and the value appeal will be closed.