If your appraisal came in low, you're not stuck with it. Lenders now must have a clear process for you to ask for a "reconsideration of value," or ROV.
Your rights
- You get a copy of the appraisal. Federal rules require lenders to give you a copy for a first-lien home loan.
- You can ask for a reconsideration. Since August 29, 2024, Fannie Mae and Freddie Mac require lenders to have written policies for borrower-requested ROVs and to tell you how to start one. FHA loans have required this since September 2, 2024.
Five steps to a strong request
- Read the appraisal closely. Check the square footage, bedrooms, bathrooms, and condition rating. Simple errors are common and easy to fix.
- Look at the comparable sales. Are they truly similar? Are they far away, much older, or a different home type? Were better matches left out?
- Find better matches. Look for up to five homes like yours that sold recently nearby. Home Equalizer's Recent Home Sales page scores each sale out of 100 so you can find the strongest ones.
- Document your updates. Photos and receipts for a new roof, kitchen, bathroom, or HVAC system show value the appraiser may have missed.
- Send it in writing, quickly. Ask your lender for their ROV process and timeline. Keep it factual: what's wrong, and the evidence.
We'll build it for you, free
Home Equalizer's Appraisal Prep app puts it all together in a PDF laid out like the appraisal form. It includes your best-matching sales with distances and match scores, your photos and upgrades, and a letter to your lender.
Good to know
An appraisal is usually good for about 4 months on a conventional loan (up to a year with an update), and 6 months on FHA and VA loans. If your closing is delayed, ask your lender whether you'll need an update.