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Old 02-22-2009, 10:09 AM
 
Location: NOVA
4,521 posts, read 4,973,430 times
Reputation: 1912

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Recently tried to get a refi and the appraisal came in way low. Argued with broker a little and I said since I paid for the appraisal, send it to me. After receiving the appraisal, the pictures (outside) were outdated (over 3 years old) and all the house details were wrong. The house siding had been upgraded, the roof had been replaced, additional bathroom added, new HVAC, etc - all missing from this 'updated' appraisal.

I called back the broker and told him his appraiser is a crook and said he just used the same appraisal as when we originally purchased the home. While on the phone, I 'walked' the broker through online sat. photos that clearly showed the new siding vs. old slate tiles. The appraiser's pictures showed green grass and leaves on trees. Broker checked with the appraiser who said his digital camera was broke. I said no way since the description (siding, HVAC, etc) was wrong. Broker said his appraiser was going to redo (and revisit) and the broker would follow up.

Broker now says his rework isn't complete but he's working on it. Beyond demanding for my appraisal fee back, should I file a complaint? If so, with who? Against broker or just appraiser?
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Old 02-22-2009, 09:24 PM
 
596 posts, read 2,494,392 times
Reputation: 201
Wow...just...wow! I think I'd have to do both. Maybe the BBB? But I have no experience with those things so I'll let the experts answer. Good luck.
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Old 02-22-2009, 09:55 PM
 
Location: Pawnee Nation
7,525 posts, read 14,542,177 times
Reputation: 7000
Appraisers are obligated, under law, to meet the Standards published in the Uniform Standards of Professional Appraisal Practice (USPAP). Every state, district and territory has adopted the current edition USPAP as law. You can find this document at The Appraisal Foundation -

That being said, your appraiser appears to be guilty of violating the following:

Quote:
Standard Rule 1: Real Property Appraisal, Development

In developing a real property appraisal, an appraiser must identify the problem to be solved, determine the scope of work necessary to solve the problem, and correctly complete research and analyses necessary to produce a credible appraisal.

Standards Rule 1-1

In developing a real property appraisal, an appraiser must:
(b) not commit a substantial error of omission or commission that significantly affects an appraisal; and


(c) not render appraisal services in a careless or negligent manner, such as by making a series of errors that, although individually might not significantly affect the results of an appraisal, in the aggregate affects the credibility of those results.


Standard 2: Real Property Appraisal, Reporting

In reporting the results of a real property appraisal, an appraiser must communicate each analysis, opinion, and conclusion in a manner that is not misleading.
It appears that your appraiser did not do the necessary work to acquire the data needed to produce a credible report. He is in violation of several sections of USPAP, and a complaint should be filed with the state board of appraisers.
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Old 02-23-2009, 02:56 AM
 
Location: Plano, Texas
1,676 posts, read 6,333,376 times
Reputation: 684
You should definitely file a complaint against the appraiser.
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Old 02-23-2009, 08:15 PM
 
Location: NOVA
4,521 posts, read 4,973,430 times
Reputation: 1912
Appreciate the feedback and I'll keep everyone posted on the results.

Thanks,
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