1. What is a reconsideration report?
A reconsideration report is a document that lists any reasons – supported by facts – that the original appraisal should be reconsidered. It is not a second appraisal. It can be used in two ways:
- If an appraisal comes in lower than the agreed upon purchase price, the buyer’s agent can potentially use the reconsideration report to ask the lender to reconsider the appraisal.
- If a low appraisal will “kill the sale” a buyer’s agent can use the reconsideration report to show their buyer they are working with the lender to save it. If the lender does not agree to reconsider the appraisal, the report may encourage the buyer to seek out a new lender that will do a new appraisal.
2. What does a reconsideration report look like?
A reconsideration report is a list of any discrepancies – if any are found – in the original appraisal that show why it should be reconsidered. A reconsideration report is not a re-appraisal, nor does it give the home a new value. If there are no discrepancies, the reconsideration report will say so.
3. Isn’t this just some other appraiser’s opinion?
No. Home appraisals are complicated. It takes several hours to prepare an accurate appraisal, and there are hundreds of variables that must be considered. Even a small mistake can potentially change an appraisal. Appraisalrecheck.com doesn’t dispute the original appraisal. Instead, it gives a list of reasons (if any) why the appraisal should be reconsidered.
4. How long does it take to get my reconsideration report back?
You’ll get your report back 3 business days from the time you send it to us. For example, if you send it on Monday, you’ll get it back Thursday. If you send it on Friday, you’ll get it back Wednesday. We also offer 24-hour turn around 7 days a week* for an additional fee.
*Excluding Federal bank holidays.
5. Is there any guarantee that my appraisal will be reconsidered after I receive the report back?
We cannot guarantee your appraisal will be reconsidered after you receive the report. However, experience tells us that more than half will be reconsidered if the lender is provided concrete evidence there is a reason to reconsider.
6. Who prepares the reconsideration report?
The report is prepared by a team of experts with a combined total of 30 years in the industry.
7. Is there a dispute process if I do not like my reconsideration report results?
If you believe your report contains an error, you can contact us via email with the portion of the report you believe is in error and your explanation why. We will either revise your report, or email you a detailed reason your explanation does not warrant a revised report. In either case, no refunds will be given.
8. Can you collect comparables and send me a property value I can present to a seller?
Selecting the right comps and coming up with a price near the final appraised value is time consuming, especially for new agents or unique homes. Send us an email and let us know what this service would be worth to you if we were to offer it.
9. Do you offer this service for commercial properties or homes outside of Genesee County?
At this time, no. However, if we get enough interest we’ll consider it. We have had this request from several agents already. Send us an email with what you’d like us to offer and what you’d be willing to pay for this kind of service. If we get enough interest, we’ll add it.
10. Can I get a refund if there is no difference between the appraisal and the reconsideration report?
No. The reconsideration report cannot guarantee it will find problems with the original appraisal. It is possible that the report will find no reason that would suggest a higher, lower or even the same valuation.
Remember, the loan originator will not accept a new appraisal. They may only ask the original appraiser to reconsider the appraisal based on new information. No one can force the loan originator or the original appraiser to accept a reconsideration report.