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Discussion Starter · #1 ·
We just got $crewed royally by a home appraiser who had stated what she was going to value our house at four (4) days before she even saw it. The written apprassal, when we received it, had so many descrepancies in it we werent even sure at first if it was for our house or not. Even the mortgage company says she, and the appraissal, are worthless, but it still cost us $350.00.

We are now looking for a fair, resonable and "nice" appraiser to talk to. Does anyone know of anyone who does this? If so, please post, PM or email me with info.

THANKS
 

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This is a lazy Hazy this morning. Too lazy to turn on my own pc.

4u2nv (FOCKER) does that I think.

Get your money back from the woman that did it the first time. The laws are to protect you the home owner.
 

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Call Sabrina Smith at Quicken Loans 1734-805-7302. We've been friends for about 7-8 years. She's a web loan consultant and i'm sure she'll be able to help you out. in fact she is the one who helped me get in the door at Quicken. i'd help you if i could but i'm still in training. tell her Justine gave you her number. Good luck.
 

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Bryan Winston-

1-586-634-5050

I had something similar happen to me years ago and I b$tched and got most of the apprasial money back.

Good Luck
 

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Discussion Starter · #5 ·
Thanks for all the replies. I have printed this topic out and will go from there.

Am also getting the ball rolling to get a refund of all or most of our fee paid to her. For what she did, she spent more in gas money driving from White Lake to Sterling Hgts, than doing her "professional" job.

Thanks again to everyone.
 

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just my 2 cents, just cause the value that the appraiser puts on the home doesn't match what you think it is worth doesn't make it a bad appraisal

if there are factual errors on the description of your home thats a different story (but with caution - if you think you have 1620 sq. ft. and the appraiser lists it at 1590 sq. ft. its not a difference that would really matter, also - just because you spent $300 on replacing all your plugs and light switches doesn't necessarily make your home more valuable. And, if you spend $25,000 on a new kitchen, if typically doesn't work out that your home is $25,000 more valueable.

there are a lot of homes that are listed right now that have had refinance appraisals pushed so far out of whack and loans made on these fraudulent values that now they are trying to sell and can't get what they owe on the home

i just made an offer on a home in harrison township, a good offer (listed at 219,000, offered 213,000, she didn't take it and didn't even counteroffer cause she owes more than 219,000 due to refinance loans made on appraisals that valued the property at 250,000.

thats what im seeing in the market right now
 

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Discussion Starter · #7 ·
Goose,
I agree with you 100%. Here a a few of the desrepancies we found in her report. Oh, did I mention that she stated what she was gong to appraise the house at 4 days before she even saw the house?

Page 1,
-just below "Subject": the area we live in is built up over 75% of available land zoned for housing, not the 25-75% she has labeled. What is still open is mostly City parks, of which we are right next to one of the largest.
-property values are increasing here. In the last year alone, our State Equalized Value increased by nearly $18,000.00 and is going up again in Sept.
-in the area labeled "Site": our lot size is not typical for the area, but is one of the largest in the neighbor hood and is nearly 3 times the "average/typical" lot size.
-in the area labeled "Description of Improvements": we do not have a dining room. We DO HAVE a living room. The kitchen has a dinning nook. We have 4 bedrooms and no office. I have a desk and computer set up in the master bedroom downstairs so that we would have our bedroom up stairs, on the same floor as the kids. There is no "office" or "study" room. The one bath up stairs is not "Newer" it is COMPLETELY NEW. It was gutted to the studs and floor joists and completely rebuilt with everything new, ie... new marble sink, cabinet, medicine chest, 1.5 gallon toilet, jacuzzi tub, marbellite tub enclosure and sliding glass doors, recessed bath lighting and a single, seperate, tub light. The bathroom downstairs has been redone also with new flooring/paint and trim. This one I would considered as "Newer"
In "Kitchen Equipment" we DO HAVE a "refrigerator" that she failed to mark, we DO HAVE a "Fan/Hood" that she failed to mark and we DO HAVE a dish"WASHER/Dryer" that she failed to mark.
-Under "Amenities" we DO HAVE a wood burning fireplace that she failed to mark.
-Under "Car Storage" the garage is an oversized, 2 car DETACHED garage (built in 1962) and not an ATTACHED as she had marked.

Page 2
Under "Sales Comparison Analysis" our site is not 90x138 as stated but is irregular. In reality it is 46' along the rear fence, 127.07' along the north fence, 151.69' along the south fence and the front yard has two separate measurements, 88.72' and 45.02', due to being on a curve. (see attached scan of our original survey which was provided to her) All other lots used are standard 60x120. We have nearly 3 of those in ours alone.

The comment "The subject property and comparable have not been listed nor sold during the prior thirty-six months except as noted above" is incorrect. I believe I have already supplied accurate closings within 1 mile of us that have sold in the last year for much more than what she found. This only confirms what we believe, that she came in not looking to do us good, but working for the bank and to low ball us. Translates: A waste of her time.
 

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Discussion Starter · #8 ·
here is a scan of our survey. You'll see the lot is not your "standard size"
 

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just a few notes for clarification

irregular lot sizes are front and side averaged to get an "effective" lot size, this is done by assessors and appraisers, thus for your lot Front (88.72+45.02) + Rear (46.0) divided by two is 89.87 and the sides 124.07 + 151.69 = 275.76 divided by 2 is 137.88 thus an effective lot size of 90x138, although not 100% accurate this method does come very close to effectivly estimating the total sq. ft. of the lot, which to do to 100% accuracy would require a metes and bounds plotting of the parcel

in the kitchen equipment, anything that is not built-in is considered personal property and should not be included on the appraisal (washer/dryer is clothing - and must be built-ins)

just thought this might make it easier to understand some of the appraisal

and, why do you think they were out to "low ball" you, typically the appraisers are under pressure to "high ball" the value to the highest possible to make the loan, low balling only kills deals, the high balling is what I described above that causes problems in the long run
 

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Discussion Starter · #10 ·
Thanks Goose. Although this helps in understanding the appraisal, it still doesnt help me get the blood out of it.


Appreciate it once again. Always willing to learn new things.
 

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QUOTE(Goose @ May 11 2004, 09:35 AM)there are a lot of homes that are listed right now that have had refinance appraisals pushed so far out of whack and loans made on these fraudulent values that now they are trying to sell and can't get what they owe on the home
Kinda off the subject but I think this is happening all over the place. It's crazy that you can get a loan for 125% of the value of the property.
People oweing more than there house is worth seem to only be on the rise....scary trend if you ask me.
 

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Sorry to hear that. i had an appraisel once that stated I have a 2 car garage. Its very obvious its a 3 car garage as a lot of you know. DUH!
 

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QUOTE(hammer @ May 11 2004, 11:31 AM)Sorry to hear that. i had an appraisel once that stated I have a 2 car garage. Its very obvious its a 3 car garage as a lot of you know. DUH!

maybe you only had two cars in it at the time?
 

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I have a 16' door AND a 8' door. 3 car...no question.
 

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Discussion Starter · #16 ·
-Garages. It's pretty obvious that we dont have an attached one as she states. You have to walk outside, past the house, to the end of the drive way to get to it.
-Bedrooms. It's pretty obvious we have 4. Ours, son's, daughters and guest. If we had 3, someone is sleeping outside. Sure would be nice to have an "office"

We are not looking to get a single penny out of the house refi. We have the bills under control, money for vacation and money for the boat. All we want is to get over the 80% mark of loan to value so we can drop the mortgage insurance. So we are really not going over house value as there is that 20% "buffer" there. If we were trying to get cash out of the house, I could understand the concern about going to 120% of market value and then trying to sell for the difference.
 

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Call Chad at EPM Appraisals

Wk: (586) 465-8300

He'll take care of you


(He's a boater, too
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