Business ProfileforJM Appraisal Services

I'am a African American real estate investor located in the city of Rochester, NY. On or around the last week of August 2022. Mr. Michael the owner of the company. Showed up to one of my investment properties for appraisal. Upon introduction he was rude and very short. I told him I was the owner gave him my name number and email address so he could afford me a copy of his assessment once it was completed for my records. He said that he would try took my business card and proceed with his inspection. A day after he left and I had already paid $650 out of pocket for a inspection I found out he labeled work as incomplete and D Grade? as I believe the underwriter said he stated in his report which I did not receive. I had to pay $175 for him to come back out and take pictures of the work he marked incomplete. He never changed his assessment even after he came back and said the work was completed. Me nor the bank agreed with his appraisal and he failed to reply to me or them. The house next door to mine with 2 less bedrooms, no new windows and no updates sold for $63,000 in July 2022 another house same street and single because my house and the house next to mine are both 2 family Boston style homes. My house 3 bedrooms one bath in both units with separate utilities and the house next to mine 2 family boston style house.2 bedrooms in both units one bath separate utilities They house up the street a single same street maybe 7 houses up sold for $75000 in August 2022. So why this particular appraisal valued my house at $70000 before and after the D Grade work was complete. With a complete tear off roof and a valid C of O and no violations through his appraisal only came $70000 baffled me and the underwriter. Not to mention the fact I just had a house 2 streets over same zip code a single house with no updates appraise for $60000. I could only equate his low appraisal and refusal to respond or provide any supporting documentation as a sign of systemic racism. Beware

I do not agree with many of the statements made in the complaint. I am under contract with an appraisal management company (***) called ********* ******* to complete an appraisal report for **** *** ******l, LLC on Mr. ******’s property. During the inspection I spent an extra-long time talking with the complainant about the subject property, specifically the repairs that were in progress as well as the repairs he would undertake soon, and his experience in the downtown rental market. I thought we had a very pleasant discussion and I thanked him for the additional information he was able to provide me. Upon completion of the appraisal, I sent a copy to the *** as I am contractually obligated to do. Under my contract with the ***, I cannot send a copy of the report to ANYONE other than ********* *******; this is typical in the industry. I am sorry that the complainant disagrees with my opinion of value, but I feel that I used the most recent and similar sales available as comparable properties and followed all Uniform Standards of Professional Appraisal Practice (USPAP) guidelines and procedures. As I told the *** and the Bank, I am willing to review other comparable sales, but I need specific addresses and sale prices to complete the analysis. To date, I have received nothing from the ***, the Bank or the complainant, other than this BBB complaint. I feel that the complainant is using this BBB complaint and the phrase “systemic racism” to unduly influence me and I will be filing an AIR notification with the ***.