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how long does a va reconsideration of value take

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What options do VA home buyers have when this occurs? A required step along the path to VA loan approval, the VA appraisal takes place shortly after contract acceptance. Location: Ashburn, VA. 989 posts, read 2,579,375 times Reputation: 641. You can use the Reconsideration of Value any time that the appraised value of a home is shown to be less than the home’s contracted price, which can help to hold a VA … 2. This means the VA home buyer needs to make up the $10,000 difference. The Veterans Benefits Administration usually takes 12-18 months to review new appeals and decide whether to grant some or all of the appeal. The VA has begun to recommend that veterans who receive a claim denial on their initial claims submit a request for reconsideration. In recent years, a “Request for VA Reconsideration” has become a hot button issue at the VA. For more information regarding the VA reconsideration process, please see section 13.09 of the Lender's Handbook. How long does it take VA to make a decision? Please do not state a specific value, minimum value, value range or value direction. "I don't like the comps you used and you should have used these because my value would have been higher" does not work. If a VA appraisal comes in low, a reconsideration of value (ROV) could be the best option. Some advocates have informed veterans to file a request for reconsideration rather than an appeal to try to cut that wait time.Makes sense, ask the RO to reconsider that decision rather than filing an appeal, hoping maybe they will just grant it rather than having to take the time to process that much more paperwork. With an ROV, anyone involved in the transaction (buyer, seller or agent) may challenge the appraisal value. In instances where the new appraisal comes in lower than the original, the homebuyer may challenge the appraisal – this is known as a Reconsideration of Value (ROV). ... Documentable misinformation is a valid reason to request reconsideration of value and you should expect a change in value. A reconsideration of value is a request to the FHA Roster appraiser to reconsider the analysis and conclusions of his or her appraisal based on information that was . Click to check today’s VA rates. presented on the appraisal report, but was relevant to the appraisal and 3. If the SAR does not support an increase in value or the case is not being processed under LAPP, VA will review the case and make a final value decision. Challenging a Low VA Appraisal. When you request a review from a Veterans Law Judge at the Board of Veterans’ Appeals, it could take 5-7 years for you to get a decision. Please do not provide a prior appraisal report. The appraisal helps lenders calculate a home’s reasonable market value and ensures the property measures up to the VA’s Minimum Property Requirements (MPRs).. It’s a tall order for a VA … not . The wait is long in the VA system, everyone knows that. The VA’s regulations do not require the VA CVE to process reconsideration requests in 60 days, because the regulation uses the wishy-washy “when practical” qualifier. Nevertheless, I hope the VA CVE pulls out all the stops to return to a 60-day time frame as soon as possible. It sounds reasonable enough, so veterans do it. 1. Getting a reconsideration of value. It depends. However, you may list comparables from the prior appraisal in the grid provided on the Reconsideration of Value Form on page 2. Minimum value, minimum value, value range or value direction value, value... To review new appeals and decide whether to grant some or all of appeal... Value ( ROV ) could be the best option the $ 10,000 difference ROV, anyone involved in grid! Read 2,579,375 times Reputation: 641 become a hot button issue at the VA begun. Home buyer needs to make a decision approval, the VA appraisal takes place shortly contract! 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