What is a Reconsideration of Value on a mortgage appraisal?

A Reconsideration of Value, usually shortened to ROV, is a formal request asking the appraiser to look again at the opinion of value in an appraisal report, based on specific information the appraiser may not have had or may have handled incorrectly. It is not a negotiation and it is not a complaint form. It is a documented, evidence-based request that goes through your lender. Fannie Mae, Freddie Mac and the Department of Housing and Urban Development published aligned requirements for borrower-initiated ROVs, so the process is now broadly consistent across conventional and FHA lending rather than being handled differently by every lender.

How many times can I request a reconsideration of value?

One borrower-initiated ROV is permitted per appraisal, and lenders are required to disclose that limit. This is the single most important practical fact about the process, because it means the request should not be rushed or sent half-finished. You get one well-documented attempt, so it is worth taking an extra day to assemble genuinely comparable sales rather than sending your strongest reaction the same afternoon you get the number.

What do I need to include in an ROV request?

Your request should identify specific issues with the appraisal and support them with data. That includes additional comparable properties, not to exceed five, along with the related data sources such as the MLS listing number for each one, and an explanation of why that new data supports a different value. Factual corrections matter too: a wrong square footage, a missed bedroom or bathroom, an omitted garage or recent renovation, or a comparable sale that is not truly comparable. Vague objections that the value simply feels too low are not sufficient and will not move an appraisal.

Can I contact the appraiser directly about a low appraisal?

No, and this is important. Appraiser independence requirements prohibit pressuring or improperly influencing an appraiser, and borrowers cannot submit reconsideration requests directly to the appraiser or the appraisal management company. Everything routes through your lender. Contacting the appraiser yourself will not help your case, it puts the appraiser in a difficult position, and it can complicate the file. Send your information to your loan officer and let the lender manage the process the way the rules require.

What happens if the appraisal value does not change?

You still have options, and they are the same options a low appraisal always creates. The seller can reduce the price to the appraised value. You can bring additional cash to cover the gap between the appraised value and the contract price, since lending is based on the lower of the two. The two sides can split the difference. You can restructure the loan, which sometimes changes the picture. Depending on the contract, an appraisal contingency may allow you to walk away with your earnest money. The right answer depends on your file and your contract, which is a conversation worth having quickly rather than alone.

Why was the borrower ROV process created in the first place?

It grew out of federal work on appraisal accuracy and appraisal bias. Regulators and the housing agencies wanted a consistent, documented route for a consumer to say that a valuation may be inaccurate, including where a borrower believes the result may reflect bias, and to have that concern actually reviewed. The Consumer Financial Protection Bureau has stated that lenders' reconsideration of value processes must ensure all borrowers have an opportunity to explain why they believe a valuation is inaccurate and to receive the benefit of a reconsideration. If you believe bias played a role in your appraisal, say so plainly in the request and keep your documentation.

Your Appraisal Came In Low. You Have a Right to Appeal It — and Most Buyers Never Do.

Q: Does my lender have to tell me I can request an ROV?

Yes. Under the aligned agency requirements, the lender must provide a disclosure to the borrower explaining the ROV process, and it must be given when the appraisal report is provided to the borrower. That disclosure also has to make clear that only one borrower-initiated ROV is permitted per appraisal. In practice this notice often arrives inside a stack of other documents at a stressful moment, which is a large part of why so few buyers ever act on it. If you did not notice it, ask your loan officer to point it out and walk you through it.

Q: How often does an ROV actually change the appraised value?

Often it does not, and you should go in expecting that. An appraiser is permitted to review the new information and still support the original opinion of value, and that is a legitimate outcome rather than a failure of the process. What a well-documented ROV reliably does is ensure the value was reached with complete and correct information about the property. Where ROVs tend to succeed is where there is a concrete, provable error, such as incorrect square footage or genuinely superior comparable sales that were available but not used. Where they tend not to succeed is where the buyer simply disagrees with the conclusion.

By Christa Votaw · NMLS #1111313·Published August 24, 2026·8 min read

A couple sitting at a kitchen table reviewing paperwork together in morning light

The quick answer

If your appraisal came in under your contract price, that number is not automatically the end of the conversation. There is a formal process called a Reconsideration of Value — an ROV — and Fannie Mae, Freddie Mac and HUD now require your lender to hand you a written explanation of how to request one at the same time they give you the appraisal.

Here is the uncomfortable part, and I want you to have it first: most ROVs do not change the value. An appraiser is allowed to review everything you send and still stand behind the original number, and that is a legitimate outcome. An ROV is not an appeal to a judge and it is not a negotiation — it is a request to make sure the value was reached with complete and correct information. Go in with that expectation and you will not be crushed.

Two things that decide whether yours is worth anything: you get exactly one per appraisal, and it has to be specific and documented — up to five comparable sales with their MLS numbers and a real explanation. "It feels too low" is not an ROV. And whatever you do, do not call the appraiser yourself. Everything goes through your lender, and there is a good reason for that.

There is a particular silence on the phone when I have to tell someone their appraisal came in low. They have already mentally moved in. They have picked the wall the couch goes on. And now there is a number on a page that says the house is worth less than they agreed to pay, and almost everyone hears that as a verdict. It is not a verdict. It is an opinion of value, formed by a person, from the information they had — and if that information was incomplete or wrong, there is a documented way to say so. Most buyers never find out that door exists, which is exactly why I am writing this one down.

First — what a low appraisal actually means

Your lender will lend against the lower of the contract price or the appraised value. That is the whole mechanic, and it is worth understanding plainly, because it tells you exactly what the problem is.

If you agreed to pay $600,000 and the appraisal comes back at $580,000, the lender still bases your loan on $580,000. The $20,000 difference does not disappear and it does not get financed. It becomes a gap that somebody has to close — the seller by lowering the price, you by bringing more cash, or the two of you meeting somewhere in the middle.

So the appraisal is not just a formality on the way to closing. It is the number your financing is built on. Which is precisely why there is a process for challenging it, and why that process is worth knowing before you are standing in it.

What changed — and why nobody told you

Borrowers have informally pushed back on appraisals for as long as there have been appraisals. What was missing was consistency: whether your concern was taken seriously depended enormously on who your lender was and how motivated your loan officer felt that week.

That changed when Fannie Mae, Freddie Mac and the Department of Housing and Urban Development published aligned requirements for borrower-initiated Reconsideration of Value, creating one recognizable process across conventional and FHA lending. The part that matters most to you as a buyer is this:

Your lender must give you a disclosure explaining the ROV process, and it must come to you when the appraisal report does. That disclosure also has to state plainly that only one borrower-initiated ROV is permitted per appraisal.

So why does almost nobody use it? Because of when it arrives. That notice reaches you inside a stack of documents, on a day you are absorbing bad news, often while you are also trying to arrange movers and a closing date. It is a piece of paper about a process you hope you will not need, handed to you at the exact moment you are least able to read carefully.

If that was you, you have not lost anything. Ask your loan officer to find that disclosure and walk you through it out loud. It is a completely normal thing to ask for, and a good one will not flinch.

What a Reconsideration of Value actually is

An ROV is a formal, documented request asking the appraiser to re-examine the opinion of value in light of specific information — either data they did not have, or something in the report that is factually wrong.

It helps to be clear about what it is not:

It is not a negotiation. You are not making an offer to the appraiser and there is nothing to split the difference on.
It is not a complaint about the appraiser. That is a different process entirely, and conflating the two will not help your file.
It is not a second appraisal. The same appraiser reviews your information and either revises the report or explains why the value stands.
It is not a formality you can fill out casually. You get one. Make it count.

When an ROV is submitted, the appraiser is expected to update the report to correct any errors and comment on the changes, and your lender is responsible for working with the appraiser to get material deficiencies corrected. Even when the value does not move, you should end up with a report that is factually right about your house.

Exactly what to send

This is the part that decides everything, so I am going to be specific. A request that says the number is too low will go nowhere. A request built on evidence gets read seriously.

Comparable sales — up to five, and no more. The guidance sets a ceiling of five comparable properties. Send your five strongest, not the ten you found. Each one needs its data source, such as the MLS listing number, so it can be verified.
An explanation for each one. Not just an address — why this sale is a better comparison than what was used. Closer in square footage, same street, same school zone, same water access, sold more recently, similar condition.
Factual corrections about your property. These are the quiet winners. Wrong square footage. A bedroom or bathroom that was not counted. A garage, a finished room, an addition. A renovation the appraiser could not have known about — new roof, new HVAC, a kitchen redone last year. If you have receipts or permits, include them.
Anything wrong with the comparables that were used. If a comp was a distressed sale, a sale between family members, in a different flood zone, on a busier road, or missing a feature your house has, say so and say why it matters.

The one-shot rule changes how you should behave. Because only one borrower-initiated ROV is permitted per appraisal, the instinct to fire something off the same hour you get the number is the wrong instinct. Take the extra day. Get your agent to pull genuinely comparable sales with you. A complete request submitted tomorrow beats an emotional one submitted tonight — and tonight's version uses up your only turn.

What never to do: call the appraiser

I want to be blunt here, because the instinct is so natural and it backfires so reliably.

Do not contact the appraiser directly. Do not have your agent contact them either. Appraiser independence requirements exist specifically to keep anyone with a financial interest in the outcome — lender, agent, seller, buyer — from leaning on the person forming the opinion. Borrowers cannot submit reconsideration requests directly to the appraiser or to the appraisal management company. It all routes through your lender.

This is not red tape for its own sake. Those rules are the reason an appraisal means anything at all. An appraiser who can be talked into a number is not providing a valuation, and the protection cuts in your favor far more often than it cuts against you. Send everything to your loan officer and let the lender run the process the way it is designed to run.

The honest part: what an ROV usually does

I would rather you trust me in six months than feel good for ten minutes, so here is the realistic picture.

Most reconsiderations do not change the appraised value. The appraiser is entitled to consider everything you submit and still support the original opinion, and when that happens it does not mean the process failed or that anyone ignored you.

What I can tell you from experience is where ROVs tend to land:

They work best on provable errors. Square footage that is measurably wrong. A room that exists and was not counted. A comparable sale that is genuinely not comparable. Facts beat feelings, every time.
They can work when better comps genuinely existed. Especially on unusual properties, where the right comparison is not obvious and a local agent may know the market block by block in a way an out-of-area appraiser cannot.
They rarely work on disagreement alone. If the appraisal is accurate and thorough and you simply do not like the conclusion, an ROV will not move it, and pushing harder will not either.

Even in that last case, there is value in having asked. You will know the number was reached with correct information about your home, and that is worth something when you are deciding whether to bring cash to the table.

Why this process exists at all

The borrower ROV framework did not appear out of nowhere. It came out of federal work on appraisal accuracy and appraisal bias — and the concern that a homeowner or buyer who believed a valuation was influenced by something other than the property had no dependable way to raise it.

The Consumer Financial Protection Bureau has been direct that lenders' reconsideration of value processes must ensure all borrowers have an opportunity to explain why they believe a valuation is inaccurate, and the benefit of a reconsideration to determine whether an adjustment is appropriate.

So if you believe bias played any role in your appraisal, say it plainly in your request rather than softening it, and keep copies of everything. That is exactly the circumstance this process was built for, and you are not being difficult by naming it.

If the value holds, you still have moves

A confirmed value is not the end of your purchase. It just means the gap is real and has to be dealt with. The usual paths:

The seller lowers the price to the appraised value. More common than buyers expect — the seller's next buyer will likely face the same appraisal problem.
You cover the gap in cash. Lending is based on the lower number, so the difference is out of pocket. Worth doing only if the house and the payment still make sense.
You split it. Frequently where these land.
You restructure the loan. Sometimes a different program or a different down payment changes the math more than people expect. This is worth a real conversation before you assume it is hopeless.
You walk away. If your contract has an appraisal contingency, it may protect your earnest money. Read your contract with your agent — the deadlines in it are real and they move fast.

What this means around Charleston

Appraisals get genuinely hard in the Lowcountry, and it is not anyone's fault. We have historic homes next door to new construction. We have marsh views, tidal creek access and deep-water docks that are worth very different amounts a quarter-mile apart. We have raised construction, flood zones and elevation certificates that change a property's whole profile. On Johns Island, James Island, Kiawah, Seabrook and out toward Summerville, two houses with identical square footage can be honestly worth very different numbers.

Add an appraiser who covers a wide territory and may not know that one street floods and the next one does not, and you get the situation where an ROV is genuinely useful — not because anyone did anything wrong, but because local knowledge is real information and it does not always make it into the file on the first pass.

This is also where a good agent earns their keep. The comparable sales that win an ROV are usually the ones someone who works that specific area pulled by hand.

Key takeaways

A low appraisal is an opinion of value, not a verdict — and there is a formal way to respond to it.
Your lender must give you a written explanation of the ROV process when they give you the appraisal. Ask for it if you did not see it.
You get exactly one borrower-initiated ROV per appraisal. Do not waste it on the same-day reaction.
Send up to five comparable sales with MLS numbers and a real explanation for each — plus any factual errors about your home.
Never contact the appraiser directly. Everything goes through your lender; appraiser independence rules exist to protect the value of the appraisal itself.
Most ROVs do not change the number. Expect that, and you will make a clearer decision either way.
If the value holds, you still have options — price reduction, cash, splitting it, restructuring, or your appraisal contingency.

Questions I get asked a lot

What is a Reconsideration of Value?

It's a formal request asking the appraiser to look again at their opinion of value, based on specific information they may not have had or may have gotten wrong. It goes through your lender, not the appraiser. Fannie Mae, Freddie Mac and HUD published aligned requirements for borrower-initiated ROVs, so it's a recognizable process now instead of something every lender handled their own way.

Does my lender have to tell me I can do this?

Yes. The lender has to give you a disclosure explaining the ROV process at the same time you get the appraisal report, and it has to say clearly that you only get one. Most people don't register it because it lands in a pile of paperwork on a hard day. If that was you, just ask your loan officer to pull it up and go through it with you — that's a completely normal request.

How many ROVs can I request?

One per appraisal, and the disclosure has to spell that out. It's the reason I tell people not to send something the same afternoon they get the number. Take a day, get real comps together with your agent, and send one complete request instead of a fast emotional one.

What exactly do I need to send?

Specifics, not feelings. Up to five comparable sales — that ceiling is in the guidance — each with its data source like the MLS number, and an explanation of why it's a better comparison than what was used. Add any factual errors about your house: wrong square footage, a room that wasn't counted, a garage, a renovation with receipts or permits. And flag any comp that isn't truly comparable, like a distressed sale or a different flood zone.

Can I just call the appraiser myself?

Please don't. Appraiser independence rules prohibit pressuring an appraiser, and borrowers can't submit reconsideration requests straight to the appraiser or the appraisal management company. It has to go through your lender. Calling won't help your case and it puts the appraiser in an awkward spot. Send it all to your loan officer instead.

How often does this actually work?

Honestly? Often it doesn't change the value, and I'd rather you hear that from me now. The appraiser can review everything and still stand behind the number, and that's a legitimate result. Where I see ROVs succeed is on provable errors — square footage, a missed bedroom — or where genuinely better comps existed. Where they don't succeed is where the appraisal was accurate and the buyer simply disagrees.

What if the value doesn't change?

You still have moves: the seller drops the price, you bring cash for the gap, you split it, you restructure the loan, or you use your appraisal contingency to step back and keep your earnest money. Which one is right depends on your contract and your file — and the contract deadlines move quickly, so that's a same-day conversation, not a next-week one.

Is this only for buyers, or refinances too?

The borrower-initiated reconsideration process applies to mortgage transactions generally, not just purchases — a refinance appraisal that comes in low affects how much equity you can access or whether you can drop mortgage insurance. The mechanics of building the request are the same. Ask your lender for their ROV form and the disclosure that goes with it.

If your appraisal came in low, don't sit with it alone 🤍

Send me the report. I'll tell you honestly whether there's a real case for a reconsideration or whether your time is better spent on the other options — and I'll tell you which one I'd do if it were my file. No pressure, no obligation. Georgia, North Carolina, South Carolina & Tennessee.

Start my pre-approval Get a quick quote

Hey, I'm Christa. I moved to Charleston in 2009 and haven't looked back — we've raised our three kids here and this community is genuinely home to me. Faith, family, and caring about people the right way are at the center of how I work. I want you to feel informed, comfortable, and never rushed — whether you're asking your first question or heading to closing. NMLS #1111313.

Keep reading 🤍

← Back to the blog

Equal Housing Lender. Christa Votaw, NMLS #1111313. Clear Home Loans, a Division of Aspire Home Loans, LLC, NMLS #1955132. This article is for general educational purposes only and is not financial, legal, appraisal, investment, or tax advice, and is not a legal interpretation of any statute, regulation, agency guideline, or contract. It is not an offer or commitment to lend. Descriptions of the borrower-initiated Reconsideration of Value process, including lender disclosure obligations, the limit of one borrower-initiated ROV per appraisal, and the limit of five comparable properties, reflect publicly available agency guidance as of August 24, 2026; requirements differ by investor, loan program, and agency, are implemented differently by individual lenders, and are subject to change. Specific ROV procedures, forms, and timelines are established by your lender and may vary. Requesting a Reconsideration of Value does not guarantee that an appraised value will be reviewed upward, changed, or changed within any particular timeframe, and an appraiser may support the original opinion of value. Nothing in this article should be read as encouraging any person to improperly influence an appraiser; appraiser independence requirements prohibit such conduct, and borrowers should submit all information through their lender. Statements regarding contract remedies, appraisal contingencies, earnest money, and deadlines are general and do not describe your contract; consult your real estate agent and, where appropriate, a licensed attorney about your specific purchase agreement and South Carolina law. Market observations regarding the Charleston area are general commentary and not a valuation of any property. All loan programs are subject to credit approval, income and asset documentation, property and appraisal requirements, underwriting approval, and program availability, all of which may change without notice. Not affiliated with, endorsed by, or acting on behalf of any government agency.