Winter 2024 Chicago REALTOR® Magazine

What To Do If
There Are Mistakes
or Errors in the
Appraisal
If there is missing or inaccurate information
in the appraisal once it’s complete, there are
options to consider.
A REALTOR ® can request, in writing, that the
lender request a Reconsideration of Value
(ROV) from the appraiser. An ROV can only be
requested by the appraiser’s client, which is
typically the lender.
A ROV is warranted if you can provide the
missing information that was not taken into
consideration during the first appraisal. If
an ROV is pursued, the correct information
should be presented to the appraiser.
Benefits of Being a
Partner During the
Appraisal Process
By being a partner in the appraisal process,
you demonstrate to your clients that you are
the trusted advisor they need by their side
during the transaction.
And, by providing this information and having
conversations with the appraiser, you are
doing everything within your power to ensure
that the appraisal goes as smoothly as possible
and creates a credible appraisal. According
the The Appraisal Foundation’s Guide to
Understanding a Residential Appraisal,
a credible appraisal includes an accurate
description of the property, sales that are the
most recent and comparable, comments that
explain important issues in the appraisal and
an opinion of value supported by the analysis
of the comparable sales.
Moreover, by doing your due diligence during
the appraisal process, you will help ensure
there is less of a chance of the transaction
falling through and, hopefully, mitigate the
chances of having a biased appraisal.
Download Illinois REALTORS ® ’
sample appraiser’s package and
review its appraisals FAQs.
28 Chicago REALTOR ® Magazine
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Appraisal Education
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This interactive course will give you a behind the scenes look at the appraisal process,
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Reporting
Discrimination
If I have evidence of negligence or discrimination,
who should I contact?
A: According to Illinois REALTORS ® , you should report it to the lender in writing.
In addition, the Appraisal Subcommittee, which is a Unites States Federal
Government Agency, operates the Appraisal Complaint National Hotline
(refermyappraisalcomplaint.asc.gov) which can refer the matter to appropriate federal
or state authorities to complete an investigation. In Illinois, the Illinois Department of
Financial and Professional Regulation (idfpr.illinois.gov) is the regulatory agency for
appraisers. Fair Housing violations can be reported to the United States Department of
Housing and Urban Development (HUD.gov). In Illinois, suspected discrimination can be
reported to the Illinois Human Rights Commission (312-814-6269).