Your appraisal came in lower than the contract price or the number you expected, and the loan depends on it. You can ask the lender to have the appraiser take a second look. That request is called a reconsideration of value, or ROV. It works only when it is specific, evidence-based and filed while the loan is still in underwriting.
This guide walks through the process step by step, shows what a strong request contains, and explains what your options are if the value does not move. We are a New Jersey appraisal firm, so we also cover what happens when the problem is a lender's appraisal and what happens when you need your own independent opinion of value.
TL;DR
- An ROV is a written request, made through your lender, asking the appraiser to reconsider the report based on errors, omissions or better comparable sales. You do not contact the appraiser directly.
- You can include up to five additional comparable properties, but only with a clear explanation of why each one is a better fit. A pile of generic sales rarely works.
- File it as soon as you receive the report. It must be done before the loan closes, and you get one borrower-initiated ROV per report.
- If the appraiser finds an error, the report has to be corrected and the changes explained, even when the final number stays the same.
- If you suspect misconduct or discrimination, New Jersey has separate complaint channels through the State Real Estate Appraiser Board.
Table of Contents
- What a reconsideration of value actually is
- The reconsideration process, step by step
- Timing rules that catch people out
- What makes a request succeed
- When the issue may be bias, not a mistake
- Our perspective: where reconsiderations go wrong
- If the value does not change
- When you need your own independent appraisal
- A checklist before you file
- FAQ
- Sources
What a reconsideration of value actually is
A reconsideration of value is a formal request that the appraiser re-evaluate the analysis and conclusions in a report. Under Fannie Mae's ROV policy, Fannie Mae, working with Freddie Mac and HUD, published standardized requirements for borrower-initiated ROVs on May 1, 2024. The goal was a consistent pathway when a borrower sees a possible problem with an appraisal.
The Consumer Financial Protection Bureau describes the same tool in plain terms: homebuyers and homeowners can ask a lender to reconsider a home valuation they believe is inaccurate, for example by pointing out factual errors or comparable sales the appraiser did not consider.
An ROV is not a negotiation and not a second appraisal. The appraiser remains independent. You are giving information and asking whether it changes the conclusion. Sometimes it does. Sometimes the appraiser explains why it does not.
Who can file one
The borrower files it, through the lender. In practice that is the homebuyer in a purchase, or the homeowner in a refinance. Real estate agents often help gather comparable sales, but the request itself goes through the lender's process. The appraiser is hired by the lender or its management company, so there is no direct line from you to the appraiser, and there should not be.
The reconsideration process, step by step
1. Read the report the day you get it
Lenders must provide a copy of the appraisal. Since Selling Guide Announcement SEL-2025-07 (September 2025), Fannie Mae no longer requires the ROV disclosure at loan application. It must be provided with the appraisal report. That means the instructions for your lender's process should arrive with the report. If they did not, ask your loan officer for them in writing.
Read the whole report, not just the value. Check:
- Square footage, bedroom and bathroom counts, lot size and basement finish
- Year built, updates and condition rating
- Whether the property is described as it really is: additions, permitted work, garage, layout
- Which comparable sales were used and how far they are from your property
- Whether the adjustments make sense
- Whether obvious comparable sales were left out
2. Separate errors from disagreements
There are two types of problems, and they need different handling.
Factual errors are the easiest to fix. A wrong square footage, a missing bathroom, a finished basement listed as unfinished, or a comp that sold after a distressed transfer can all be documented. Attach permits, floor plans, a prior listing, tax records or photos.
Judgment disagreements are harder. You think the appraiser picked weak comps or adjusted too little for your renovated kitchen. These can still succeed, but only with evidence that shows why your comps are more similar, not just that they sold for more.
3. Build a specific request
Fannie Mae's Selling Guide on appraisal quality says a request should include your name, the property address, the effective date of the appraisal, the appraiser's name, and a clear description of the areas you believe are inaccurate, unsupported or deficient. You may add up to five additional comparable properties and name the data source for each.
The quality of those five matters more than the number. The guidance on a successful request is plain: be specific, choose properties that are physically comparable, and explain why the appraiser's selection was inappropriate or why your comps were omitted. Links to MLS listings help.
4. Submit it to the lender, not the appraiser
Your lender must complete its own appraisal review first. It also designates an underwriter or appraisal subject matter expert to confirm that your submission has enough detail and supporting data before anything goes to the appraiser. A vague email saying "the value is too low" can stall here.
The lender step is also where timing is lost. If you want to understand how a lender's side of the file works in general, a Portuguese-language guide to mortgage pre-approval shows how a credit intermediary evaluates a property and borrower before approving financing. The rules there are Portuguese, not American, so use it for the general picture only.
5. The appraiser responds
If the appraiser identifies errors, the report must be updated, with comments on the changes. According to the Selling Guide, this applies whether or not the final value changes. The appraiser may also reply that the report stands and explain why.
If material deficiencies remain unaddressed, or the lender sees evidence of unacceptable appraisal practices, the lender is required to forward the findings to the appropriate state licensing board.
6. The lender decides
The lender accepts or rejects the appraiser's conclusion. That decision is final for this process. You cannot keep filing new ROVs until you hear what you want.
Timing rules that catch people out
| Rule | What it means for you |
|---|---|
| One borrower-initiated ROV per report | Put your best evidence in the first request |
| Must be filed before closing | You cannot use an ROV after the loan has closed |
| File when you receive the report | Waiting can jeopardize your closing timeline or get the request rejected as late |
| Up to five added comps | Choose the most similar sales, with data sources |
| Lender reviews first | Expect a delay before the appraiser sees the request |
These limits come from the Fannie Mae Selling Guide. Individual lenders can add their own procedures, so ask yours for its written ROV policy. Government-backed and non-conforming loans may follow different rules.
What makes a request succeed
We see the same patterns whenever we review an existing report for a client.
Lead with facts the appraiser could not have known. A finished basement with a permit, a recent roof or a documented addition are all better than opinions.
Pick comps that match on the things buyers care about. Same style, similar size, same school district or neighborhood, similar condition, and a recent sale date. In New Jersey, a sale one town over can sit in a different market because of taxes, schools and commuting access to the train.
Explain the adjustment, not just the sale price. If your comp has a two-car garage and you have a one-car, say so and say what you think the difference is worth, if you can support it. For a practical method, see our guides on how to evaluate comparable properties and comparable sales analysis.
Stay factual and polite. The tone of a request matters less than its content, but accusations without evidence give the underwriter a reason to set it aside.
Avoid the shotgun list. A page of loosely similar sales invites a quick rejection. Five well-chosen comps beat twenty weak ones.
When the issue may be bias, not a mistake
Regulators treat the ROV as a consumer protection tool. The July 2024 interagency guidance on reconsiderations of value says policies should be risk-based and should not create unreasonable barriers that discourage a borrower from challenging an inaccurate valuation. FHFA has said consistent ROV standards are a tool for fighting racial bias in appraisals.
In New Jersey, the Attorney General's office runs a home appraisal discrimination initiative. It says you can report professional misconduct by an appraiser to the State Real Estate Appraiser Board at the Division of Consumer Affairs. If you believe you received an unfair or discriminatory appraisal, keep a copy of the report, your ROV request and all communication, and contact the state. Do that in addition to the ROV, not instead of it.
Our perspective: where reconsiderations go wrong
We have more than 26 years of appraisal and real estate experience, including hands-on renovation and fix-and-flip work. That background shapes how we read other people's reports. Most disputes we see do not come down to one wrong number. They come down to condition and quality of work.
A kitchen that was gutted and rebuilt with good workmanship is different from one with fresh paint on old cabinets, yet both can appear in a comp set as "updated." An appraiser working quickly from public records and MLS data may miss that difference. When you challenge a report, the strongest argument shows the appraiser what the data did not: the scope of work, the finish level, the layout and how buyers in that submarket reacted to similar homes.
We also think owners expect too much from the ROV. It corrects errors and weak support. It will not turn a fair value into a higher one because a sale price was agreed. If the appraiser has used good comps and the contract price is above the market, the better path is often a renegotiation with the seller or a larger down payment.
And when value drives a legal or tax outcome, we do not think a lender's report is the right tool at all. A report ordered for a loan is made for the lender. A divorce, estate or tax appeal needs a report built for that purpose and that audience.
— Alek Petreski
If the value does not change
You still have options, depending on the situation.
- Purchase: ask the seller to reduce the price toward the appraised value, bring more cash to cover the gap, or renegotiate the contract. Check the appraisal contingency language in your contract with your attorney before you decide.
- Refinance: you can wait and reapply, change the loan amount, or try another lender, which will order its own appraisal. Ask each lender how it treats a prior appraisal.
- PMI removal: servicers generally require their own valuation process, so confirm what yours accepts before ordering anything.
- Suspected misconduct: file a complaint with the State Real Estate Appraiser Board, as described above.
Only the lender can accept a different valuation for its loan. A private appraisal you order yourself does not replace the lender's report, though it can be useful supporting evidence or a reality check before you decide how to proceed.
When you need your own independent appraisal
There are cases where a reconsideration is the wrong tool and an independent report is the right one. You want an opinion of value that you control, written for your purpose:
- You are selling and want to know what to expect before you list.
- You are going through a divorce and need a defensible number for equitable distribution.
- You are an executor who needs a date-of-death value for the estate.
- You are appealing your New Jersey property tax assessment.
- You want a neutral second view before challenging a lender's number.
Our home appraisals in New Jersey are published at $495 to $750. Court-ready divorce appraisals are $550 to $800, property tax appeal appraisals are $495 to $750, and estate and date-of-death appraisals are $595 to $850. Each report is prepared by a state-certified appraiser under USPAP standards. Other services, including PMI removal, are listed on our services page.
If you want to understand the steps before ordering, read how to request an appraisal report in New Jersey and our broader guide on how to contest a property appraisal in NJ.
A checklist before you file
- Get the written ROV instructions from your lender.
- Read the full report and mark each error or weak point.
- Gather documents: permits, floor plans, receipts, photos, prior listings.
- Choose up to five comps. Write one or two sentences on why each is better than the appraiser's choice.
- Note the data source and listing link for each comp.
- State exactly what you want reviewed. Cite the page or section in the report.
- Send it through the lender's process in writing and keep a copy.
- Ask for a timeline, and tell your agent and attorney.
FAQ
Can I contact the appraiser directly to dispute the value?
No. Appraiser independence rules mean the request goes through your lender, which reviews it before the appraiser sees it. Contacting the appraiser yourself can create problems for the file and may hurt your case.
How many times can I request a reconsideration?
Once per appraisal report under the Fannie Mae process. If the value stays the same, the lender's decision on the appraiser's conclusion is final. That is why the first request should hold your best, most specific evidence.
Can I file after my loan closes?
No. A borrower-initiated ROV has to happen while the loan is in underwriting, and it should be filed as soon as you get the report. Late requests can delay closing or be rejected.
Will the value go up if I submit more comps?
Not necessarily. The appraiser must correct any errors found and explain the conclusions, but the value only changes if the evidence supports it. Comps that are physically similar and recently sold are the ones that tend to matter.
Sources
- Reconsideration of Value (ROV), Fannie Mae
- Appraisal Quality Matters, Fannie Mae Selling Guide
- Selling Guide Announcement SEL-2025-07, Fannie Mae
- Mortgage borrowers can challenge inaccurate appraisals, CFPB
- Interagency Guidance on Reconsiderations of Value, July 2024
- FHFA Announces Enterprise Reconsideration of Value Policies
- Home Appraisal Discrimination, New Jersey Office of the Attorney General
Recommended
- Appraisal Dispute Resolution Options That Actually Work
- 5 Lender-Ready Facts and Lines for an Appraisal Rebuttal Letter
- How to Contest a Property Appraisal in NJ: 2026 Guide
- Valuation Appeals Submission Tutorial for Property Owners
This article is provided for general informational purposes only and does not constitute legal, tax, or financial advice. Real estate appraisal requirements can vary by assignment and intended use. For advice specific to your situation, consult the appropriate legal, tax, or financial professional.