Quick Answer
When a home appraisal comes in below the contract price, a reconsideration of value gives the buyer's agent a chance to submit stronger comparable sales or point out factual errors for the appraiser to review. It doesn't guarantee a higher number, but it's one of the standard options when facing an appraisal gap.
- Who submits it
- Usually the buyer's agent, through the lender
- What it needs
- Recent comparable sales or factual corrections
- Outcome
- Not guaranteed; the appraiser may adjust or hold the value
- Timing
- Shortly after the appraisal report is received
When a Reconsideration Makes Sense
This request works best when there's a clear, documentable reason the appraisal may be off, such as recent comparable sales the appraiser didn't use, an incorrect square footage figure, or upgrades that weren't accounted for. A reconsideration based purely on frustration with the number rarely succeeds.
It's typically pursued quickly after the report comes back, since financing timelines don't pause for the review.
What Happens Next
The buyer's agent compiles supporting comparable sales, often with help from the listing agent, and submits the package through the lender back to the appraiser. The appraiser isn't obligated to change the value, and in many cases the original number stands.
If the reconsideration doesn't move the needle, buyers and sellers still have other paths forward, including renegotiating price, the buyer covering the gap in cash, or invoking an appraisal contingency to exit the contract.
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Frequently Asked Questions — Reconsideration of Value
How long does a reconsideration of value take?
It varies, but it's usually resolved within several days to about a week, since most contracts are on a financing deadline.
Does a reconsideration always raise the value?
No. Appraisers review the new information, but they aren't required to change their opinion of value.
Who pays for a reconsideration of value?
There's typically no separate fee. It's a review of the existing appraisal, not a new inspection.
What if the value still comes in low?
Buyers and sellers can renegotiate the price, the buyer can cover the difference in cash, or the buyer may be able to exit through an appraisal contingency.