A reconsideration of value is the borrower's request, made through the lender's process, for the appraiser to look again. It works when the new evidence fits the appraiser's own method: closed sales, inside the original search area and time window, that support a higher number. For a question about a specific report, ask Gerry. For a new appraisal, call (425) 967-3498.

Why do most requests fail?

They argue instead of adding evidence. An appraisal is an opinion inside a defensible range; a home appraised at $795,000 might support $815,000 with the right sale. The appraiser followed a process, so show them data that process missed. Gerry's view, formed back when Gerry was Chief Appraiser for a national AMC: a request that reads like a complaint gets defended, and one that reads like new data gets read.

What makes a reconsideration work?

Five rules, each one about fitting inside the original report.

1. Send only sales that support the value you need

If the contract is $820,000, every sale you submit should support $820,000 or more. A mixed bag hoping the appraiser averages in your favor weakens the case.

2. Use closed sales only

Pending sales, active listings and expired listings show asking prices. Appraisers work from what buyers actually paid.

3. Stay inside the original search radius

Find the farthest comparable in the report. That distance is your boundary. A sale three neighborhoods over, when the appraiser stayed within a mile, gets set aside.

4. Stay inside the original time window

Find the oldest comparable in the report. Its sale date is your cutoff.

5. Keep it short and factual

One sentence of framing, then the sales: "We found the following closed sales within the search area and time frame of the original report that support a higher value." No accusations, no deadlines, no pressure.

Can the agent talk to the appraiser?

Yes. Fannie Mae's Appraiser Independence Requirements FAQ says real estate agents "can be valuable sources of information." What it prohibits is trying to influence the development, reporting or result of the appraisal. Point out a recent sale, a feature the listing photos missed, or how the street trades. Never mention the number the deal needs. Many agents skip this conversation because they assume it is off limits.

What does the lender have to offer?

A written process. Fannie Mae Selling Guide Announcement SEL-2024-03 (May 1, 2024) requires lenders to give borrowers a way to appeal an appraisal they believe is unsupported, deficient or discriminatory, with a disclosure at application and again when the appraisal is delivered. Fannie Mae moved the required date to loans with applications dated on or after October 31, 2024. Ask the loan officer for the lender's ROV form and fill it in exactly as it asks.

What if the square footage looks wrong?

Check how it was measured first. Fannie Mae's Selling Guide (B4-1.3-05) requires appraisers to measure to ANSI Z765-2021, which reports finished rooms below grade on their own line, apart from above grade living area. A finished basement still gets an adjustment; it just sits lower on the grid. A real measuring mistake is a factual error and worth raising.

What should you leave out?

  • Active, pending or expired listings.
  • Sales outside the appraiser's search area, unless you can document why they belong.
  • Any suggestion of bias or incompetence. It puts the appraiser on the defensive.
  • A long list of weak sales. Three strong matches beat fifteen marginal ones.

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