Q: Can a Veteran buyer and his lender decline or refuse a sellers right to a Reconsideration of Value?
Our buyer is getting a VA loan. The appraisal came back significantly low. After reviewing the appraisal we noticed several items that were excessive as well as incorrect information that we felt affect our value. We sent our realtor the list of items to give to the lender along with 3 comps she pulled. The lender submitted the ROV. Five days later we asked her to check status she called the VA and they never received her request. They gave her an email address to resubmit the ROV and she sent again. Days later we asked for a status and on the 11th day after receiving our appraisal, she said the borrow declined proceed with the ROV. We looked it up and as a seller we have the right to request the an ROV but she is saying the buyer has the ONLY right. We called the VA who confirmed we have a right and said the lender sent twice but was in the wrong format. They told them exactly how to send and never heard back. Our agent is not helpful & we feel alone in this sale
A: You really need a competent review of the contract. Based on your limited information, I’m guessing that then lender doesn’t agree with you ROV and that you probably have the right to reject the buyer and get a full price non-VA buyer. Backing out of the contract without legal review is quite risky.
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