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Answers (12)
- Gordon Haraway, "1stTimebuySpecialist"
- Contributions:250
You should first ask the lender to contact the appraiser to correct the problem. If not successful then you can contact (DLLR) it is the MD Dept. of licensing and Regulation. Here is the link to the complaint web page.
http://www.dllr.state.md.us/license/reahi/reahicomp.shtml
I do have a question, you say your on the above ground level. Are there full egress windows and doors and all sides completly above ground? If not the appraisal may be correct. Myguess is your home is a split level or a split foyer or even a raised rambler where half your lower level has full egress and the other half does not. With any of these it comes down to is it on ground level or not. If you file a complaint with DLLR make sure to take pictures yourself and include a copy of the appraisal.
- TBNL
- Contributions:1
"pjgood75: it may be that I can use this appraisal to get my property taxes lowered. "
So let me get this straight.......this appraisal is supposedly flawed with many errors, yet you'll knowingly and fraudulently would try to use it to cheat your way out of your fair share of taxes?
Lovely.......
So let me get this straight.......this appraisal is supposedly flawed with many errors, yet you'll knowingly and fraudulently would try to use it to cheat your way out of your fair share of taxes?
Lovely.......
- Vince Curtis, "SoCal Appraiser"
- Contributions:4701
Yes, to be clear, for FHA appraisals the lender may choose their own appraiser in many cases. The borroer may not choose, the lender can. For non-FHA either one can choose. You can, though, choose when you pay for the appraisal for a non-lending situation.
- pjgood75
- Contributions:6
I was told by my mortgage broker that for an FHA appraisal the lender chooses appraisers & I could not perform an appraisal independently, it MUST be "their FHA-certified appraiser"; my main complaint being they have classified my lower level as basement, thereby not considering the 2 rooms + 1 full bath, which are with the grade, not below-grade; basically they have "shrunken" my house to match the smaller comparisons they used; this is the data Zillow has ingested & is using - 7 rooms & 2.5 bathrooms VS. 9 rooms & 3.5 baths, and the "basement" classification allows them to omit a total of 600square feet; they didn't adjust these structural discrepancies, just tried to satisfy my complaint by increasing the total value! my broker says Zillow is now the defacto property value database & independent appraisals will not become public record, nor be considered for PMI reduction requests - a true ripoff anyway!
- Vince Curtis, "SoCal Appraiser"
- Contributions:4701
Yes, I suppose you could use THAT appraisal to lower your assessment, if you can. I would look on your TAX BILL and contact your assessors department and ask how to go about it.
As an appraiser, I have made mistakes also. If a borrower calls me up and says =- hey, you missed a bedroom or bathroom or something, I would go back and correct it if requested, and re-adjust the value.
NOW though we have new appraisal rules - HVCC - that build a firewall between us and the borrower/lender, givin us less incentive to fix our erros. For FHA appraisals, the lender CAN choose their own appraiser, so I would contact whoever contracted with the appraiser - your lender - and say the you are never going to use their services again because the appraisal - in your opinion - was so bad. And see where that gets you.
Good luck..
As an appraiser, I have made mistakes also. If a borrower calls me up and says =- hey, you missed a bedroom or bathroom or something, I would go back and correct it if requested, and re-adjust the value.
NOW though we have new appraisal rules - HVCC - that build a firewall between us and the borrower/lender, givin us less incentive to fix our erros. For FHA appraisals, the lender CAN choose their own appraiser, so I would contact whoever contracted with the appraiser - your lender - and say the you are never going to use their services again because the appraisal - in your opinion - was so bad. And see where that gets you.
Good luck..
- pjgood75
- Contributions:6
I did receive the refi & my previous mortgage has been paid off... they were intentionally keeping the value down (it seems to me) so as not to inflate my house value too much over another on my same street that is for-sale. my credit is great, so I was able to push back & they "adjusted" the appraisal enough so I wouldn't have to bring much money to closing.
also I forgot to say, the appraiser only measured my LR-DR area and my garage, he never even entered one of my bedrooms and my downstairs full bath. if there's an upside to this experience (besides the lower rates/payments), it may be that I can use this appraisal to get my property taxes lowered - does anyone know if an appeal process exists for that?
also I forgot to say, the appraiser only measured my LR-DR area and my garage, he never even entered one of my bedrooms and my downstairs full bath. if there's an upside to this experience (besides the lower rates/payments), it may be that I can use this appraisal to get my property taxes lowered - does anyone know if an appeal process exists for that?
It sounds like this appraiser did this thing while he wasn't completely coherent. However, you should know that you generally don't get a full return for investments you make into your house(i.e. landscaping, humidifier). However, the energy efficient items typically are noted on appraisals so I don't think he should have ignored the window tint... Anyway, he may have been prohibited from using the comp from last summer because FHA appraisal regulations may require comps from within the last 6 months(which is common whenever a bank is involved).
- Vince Curtis, "SoCal Appraiser"
- Contributions:4701
Are you bringing it up because the value did not meet what you needed to refi ? I would look at it for you but Im not local to you, I would contact a second appraiser, and ask them nicely if they could look at it.
It really needs to be looked at by a local appraiser to figure out if the appraiser actually did a poor job or whats going on...
The appraiser may have mentioned those items albeit in the market grid or factored them into your value in some other way.
CLICK Here for a link to find an appraiser in your area....
Regarding reporting them, yes you can, but its kinda a waste of time, and it wont get you to your goal of a refi. HERE is a list of state agencies where you can complain.
It really needs to be looked at by a local appraiser to figure out if the appraiser actually did a poor job or whats going on...
The appraiser may have mentioned those items albeit in the market grid or factored them into your value in some other way.
CLICK Here for a link to find an appraiser in your area....
Regarding reporting them, yes you can, but its kinda a waste of time, and it wont get you to your goal of a refi. HERE is a list of state agencies where you can complain.
- Crystal Dobbs, "RealtorCrystalD"
- Contributions:22
I would pay and ask lender for another appraiser. If not I would protest and get another appraisal. Hope his helps, Good Luck!
- pjgood75
- Contributions:6
forgot to add that the latest appraisal also failed to consider ANY improvements, including $5,000 of landscaping & $5,000 for energy-saving window tint & $1,000 for central heat humidifier - all of which I produced RECEIPTS for; and the age of the house is incorrect. they also ignored a true comparable that sold for $415,000 last summer for one on the market currently that isn't a true comparable, but is listed at $390,000 - guess what my home value was? you guessed it - $390,000!!
- pjgood75
- Contributions:6
I did contact him - he said (because it was an FHA refi) that "by law he was prohibited from discussing it with me" and I should call the bank (lender); I called the bank phone # where he sent the appraisal (Wells Fargo in MN) and they said "by law they are prohibited from discussing it with me" and that I should call my mortgage broker; I called my mortgage broker & she told me "I don't know what to do" - followed by a later phone call (after she phoned WF Bank) that I "could protest but generally the bank does NOTHING with those & it just delays the process for an additional 2 weeks"... wtf??? talk about a (more) corrupt mortgage banking system - and they thought it was bad when the bubble initially burst!
Each state has their own Appraisal Board which serves as the governing body for all appraisers in their state. It sounds like this appraiser was very confused... maybe even sent you the wrong appraisal or something. Your best bet is to call him directly, and I'm sure he will fix the errors. If(for some reason) he does NOT, just report him to the Appraisal Board. You might have to have an additional appraisal done, but when you win your 'case' the appraiser's E & O insurance will cover the cost.
appraisal errors
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