Real Property Appraisals/did i let a pretend appraiser into my house?
Wells Fargo sent appraiser to appraise our home. a few of many PROBLEMS W/REPORT: 1- floorplan is correct shape (6 sided house with 2 wings), but he labelled dining room in central area and put bedroom in dining room wing. Put closet where front door is. WHole wing Dining room is 10 months old remodel w/heated floor which we talked about. 2- also said no updates in last 15-yrs, but have been many including new guest room/bath which we spoke of. 3- said had garage for 2 cars, but we have 2 garages w/ room for 5 cars. 4- he said drive will hold 5 cars, but our asphalt drive has 2 circles and easily hold 20 cars. 5- he rptd we have gas heat, but we have geothermal heating/cooling which we discussed in detail. 2011 appraisal before remodel came in at $200,000. Mar 2014 appraisal = 184,000. looks to me like report writer isn't one i let into my house. or else he's covering up a short-term memory problem.
TELL ME PLEASE what does this look like to you?: is all this sloppiness within parameters of "the way appraisals are done?"
You unfortunately are not alone having problems with appraisers, I have been getting these types of complaints on this site for the past few years. See other answers I have made under: "poor appraisals" "incompetent appraisers", etc. This is an embarrassment to my profession.
This does sound like extremely sloppy work, definitely NOT within the parameters of the way appraisals are done.
RE: report writer not being the one you let in your house. Did you get a business card from the person who inspected your house? If so, compare it to the name on the report. It is a HUGE "no-no" for one person to inspect the house & the "real" appraiser to write up the report back at the office.
RE: the 2011 appraisal at $200,000 and the 3/2014 appraisal at $184,000. (I'm assuming that you meant 3/2015) What are the market trends in your area? Look on the first page of the form report, the appraiser should have shown what is happening in your market area. Does the market trend show increasing, decreasing or stable prices. Are prices going up or down?
Are you dealing with Wells Fargo directly? In my area, Wells deals with what is called an Appraisal Management Company (AMC) knows as RELS. These AMCs send out an e-mail blast to every appraiser on their panel and the appraiser who gets the assignment is the one who hits the "accept" button the fastest. Look on your appraisal copy to see where the appraisers office is. Is the appraiser local, or is he/she coming from out of the area?
Call the loan agent/officer with whom you are dealing and make sure they know how disgusted you are with the report and point out all of the errors. Ask they if they can get the appraiser to revise the report.
Assuming you already have a copy of the report, get in your car and drive to all of the comparables the appraiser used. (Again, if you don't have a copy of the report, get one) look at the comparables the appraiser used from the street and decide for yourself if they are comparable or not.
Next, if you have a real estate agent friend, take the report to them and have them look up the comparables in the MLS. Compare what the appraiser has noted in the adjustment grid about the comparables with what shows in the MLS Listings. If the appraiser has used poor comparables, or has misrepresented information about the comparables, have your agent friend download several more comparable properties the appraiser should have used so you can point them out to your lender.
If you don't have a real estate agent friend, take the report a local experienced office and ask an agent in the office to help you with this. If they are not your friend, you'll probably have to pay them something for their time.
I wish I could tell you that you could call the appraiser and ask them to revise and correct the report, but that probably won't happen. There are no teeth in any law that will require an appraiser who has completed a bad report to correct it. You can, however, file a complaint against this appraiser with the Agency in your State that licenses appraisers. These agencies are required to follow up on complaints like this.
On behalf of appraisers like myself who do competent work, I apologize to you for my profession. I am hopeful that you can get this problem solved. You can call me if you wish at 951-255-6466 if I can help you further.
John C. Carlson
CA Certified General Real Estate Appraiser
Victorville and Diamond Bar, CA