Complaints

• Initial Complaint

  10/15/2024

  Complaint Type:

  Order Issues

  Status:

  Resolved

  More info

  On 10/7/24, ***** ******* with the captioned business conducted an appraisal on our property pursuant to an under contract buyer. Both myself (the seller) and the buyer agreed to a sale of $410,000, with financing and approvals in place and on a strict timeline to close on 10/16/24, at the request of our buyers. *** ******* arrived and spent 5 minutes at our property, without asking any questions or requesting a list of upgrades, nor did he ask our realtor. Given the substantial enhancements to the property, this information was crucial for an accurate assessment. Ultimately, he valued our property at $400,000 and after reviewing his report, I found the comparable properties he used were not at all in line with my property. For example, where my house is a single story 1900 sq ft residence built in 2019, ** ******* utilized a two story residence which was significantly larger at 2,341 square feet and 5 years older. He also did not utilize comparable properties that had my upgrades. Our realtor, our buyers, and their lender agreed this appraisal was errant, and certainly appeared that *** ******* was derelict in his responsibilities to provide an accurate appraisal. As my right as a seller, and with the agreeance of our buyer’s lender, I requested a reconsideration for the variance of $10,000 and included more accurate comparable properties that validated our initial pricing. This was impactful as our buyers were utilizing an FHA loan, and could not make up the difference in price. On 10/10/24, we received a response that there would be no reconsideration for our appraisal. In order to not lose out on the sale of our home, and subsequently the loss of the house we were to purchase in the process, we had no choice but to accept this appraisal to move forward to our deadlines. *** *******’s inability to be thorough and his unfair reconsideration has impacted my finances by $10,000 and I want him held responsible.

  Business response

  10/15/2024

  I am not sorry that the seller involved feels that his property was not properly evaluated and valued. However, I would like to respond to some of the specifics set forth in the complaint to help not only the complainant, but also the BBB to understand the process and why a reconsideration never happened.

  There is some concern as to why I did not ask for a list of upgrades.  All of the upgrades and improvements are listed in the MLS listing, which I reviewed at length and took into account in the overall condition of the property. This is typical in an appraisal report and was considered as listed in the report as being in good condition.  The overall ratings generally consist of Poor, Average, Avg/Gd, Good, and Superior. As you can see, the overall rating for this property was essentially a 4 out of 5.

  The next concern was that I did not do a reconsideration of value as he requested.  I did not receive a reconsideration of value.  As you can see from response from the lender, the original appraisal report, and the reconsideration of value request submitted, the two properties that were mentioned are both already in the original report and were considered at that time.  New American notified the complainant that these were in the original report and that is why no reconsideration was sent to myself.

  I am not sure what, if anything, I could have done differently since the main complaint revolves around my refusal to do a reconsideration of value, when that request was never forwarded to my myself, or the Appraisal Management Company that hired me on behalf of New American.

  I hope this is helpful in understanding why a reconsideration never occurred.

   

  Customer response

  10/17/2024

  [A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]

  Better Business Bureau:

  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. 

  Regards,

  ****** ******

   

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩