How To Appeal Your VA Home Appraisal If It Comes In Too Low

When you apply for a VA backed loan, you will get a VA home appraisal. What if the appraisal comes in too low? Well, you can appeal the home appraisal if you think it’s not accurate and if it falls below the purchase price on your offer. See, any loan backed by the Department of Veterans Affairs come with a Reconsideration of Value process, if you request it for good reason. So, what’s a good reason to invoke a Reconsideration of Value? Obviously, it can open up the possibility of a new appraisal, but there has to actually be something incorrect about it.

Invoking a Reconsideration of Value

So, if you want to invoke this benefit as a veteran, you must offer facts about the home that were wrong or overlooked during the original appraisal. We can help you review the original appraisal. Together, as your real estate team, we’ll look for mistakes the appraiser may have made.

See, it’s not unheard of for them to calculate the number of rooms wrong. If they miss a bedroom or call a bedroom an office, it will change the value! Sometimes they also make mistakes while inputting the square footage. It’s worth double checking. We can also provide a comparative market analysis with the very latest information that appraisers sometimes don’t know about. We have the latest information on any new sales in the neighborhood, they might not. It can make a difference. We’re willing to try!

So, if we can find a mistake, you will need to send the lender all the supporting documentation we’ve gathered. Then, you’ll let them know that you want to invoke the Reconsideration of Value process. When the lender talks it over with the appraiser, they might just grant that appeal if it’s not too far off. Yet, larger appeals have to go to the Department of Veterans Affairs. The VA will review the Reconsideration of Value request. Then, they will issue a revised value. It might not be enough still, but it’s worth a shot!

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