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Online Appraisal Rebuttal Process

In some instances, occasional errors may be found on appraisals.  The Lender reserves the right to question the findings of the appraisal report.  We provide a Value Reconsideration form as a user-friendly vehicle to convey the concerns to the appraiser and to provide additional market data.

Our goal at CoesterVMS is to help you through this process and ensure any factual errors on the appraisal are researched and if found inaccurate are immediately corrected. Our Value Reconsideration process is designed to clearly address any specific concerns while maintaining strict adherence to Appraiser Independence Requirements, GSE & Investor guidelines, regulatory guidelines and appraisal best practices. The Requestor must provide a clear narrative when questioning the data in the appraisal report and provide documentation to support items of concern.

The Process:
 
Once the rebuttal is received, the Value Reconsideration form is reviewed by a Senior Reviewer at CoesterVMS. The Reviewer will evaluate the request and provide guidance to the Requestor should the Value Reconsideration from not adhere to CoesterVMS Value Reconsideration guidelines. Once the Value Reconsideration is reviewed and vetted, it is passed along to the appraiser who has two business days to provide a response. Upon return, the appraiser’s response is reviewed. If the response does not address the Requestor’s concerns, the report is sent back to the appraiser for additional commentary or changes. When the appraiser’s response is complete, the revised report is delivered to the Requestor.

Please see the form below and contact your relationship manager to walk you through this process. If you don’t know who your relationship manager is or have any other questions please contact solutions@coestervms.com and we will have them contact you right away.
*Please note that requests received after regular business hours or on weekends will be processed the next business day

Submitting the Form: This form must be completed by the Lender only. Forms may not be completed by a real estate agent, borrower, seller, etc. 

Number of Rebuttals:
Only ONE Value Reconsideration is permitted. 

Types of Rebuttals:

*Incorrect Adjustments: Current Comparables or subject are adjusted incorrectly.
*Structural Data: Appraiser inaccurately reported key elements of the property or comparables. Things such a square footage, bedroom, lot size, garage count, sale price, contract price etc.
*Unconsidered Features: The Appraiser missed recent renovations, upgrades or key features that would directly affect the credibility of the report.
*Additional Comparables: Closed comparable sales that sold prior to the date the inspection took place (effective date) and were not included in the original report.
*Comparable Sales: Up to an additional three sales may be provided for consideration. Each must be settled and closed prior to the effective date (inspection date) of the appraisal. No active listings or pending sales are permitted as they would not carry weight on the final value.
*Please include the MLS, HUD-1 or public record sheet(s) along with the form.
*The additional sales must be similar to the subject and fall within parameters established by the appraiser for site size, age, and GLA.

  • For example, if the subject is 2,000 sf in GLA and the comparable range in GLA is 1,500 sf to 2,500 sf, additional sales provided should fall within that range.
  • If the subject is a 3-bedroom home and the appraiser used only 3-bedroom homes, then a 4 bedroom or 2 bedrooms should not be submitted.
  • If the property is a townhouse or condo and all the comparables are within the subject’s project a comparable outside the project should not be submitted.
  • If the property is in a market area, properties outside that market area should not be submitted.

Data Disputes: Disputes regarding data presented in the report should be accompanied with supporting data or reference data sources.  

Comments:
Any commentary regarding the report should be submitted in the comment section of the reconsideration form.

Acceptable Comments:

Unacceptable Comments:

The appraiser did not mention the additional renovations that were completed.

Please change the value to $250,000 the appraiser is wrong.

Please see comparable sales that sold before the inspection date of the appraisal that the appraiser missed.

Appraiser doesn’t know what they are doing, and the report is not accurate. 

The appraiser missed factual information within the contact that would affect the value

Need $250,000 to make the deal work, please change.

The appraiser has the subject and/or comparable information stated incorrectly.