Bear me with me here. I will say this story is not a bad bad comps (although there were better choices)
So I am doing a refinance through a certain online lender and they ordered an appraiser. Next day a guy emailed to come over the day after. He said he wasn’t the appraiser, but a data collector for the appraiser.
I got the report a few days later and it is riddled with serious errors. The most egregious being that all the measures are wrong. Not just a little wrong but over 30%.
So I am listing below and asking what recourse I have. So far I argued for an hour with the lender about the errors and they just said they dont care about any of the details so long as the sqft matches the tax record…
Keep in mind this is just what I could easily catch and there was some absolutely insane adjustments the appraiser made on the comps.
1) Measurements of house:
Has the second story being the same size (sqft) as first floor. I actually have a 700 sqft addition on the first floor
Has the floor plan drawn as a rectangle but has has wall longer than the other (when the two facing walls are parallel). If you were to draw that you get a trapezoid. My home is indeed a rectangle
Considers the attic as finished and includes that in the sqft will only matching total sqft of public records which do not include it!!!! The attic is not finished
Basement is measured 120 ft too large and doesnt match the 1st floor
2) Square footage:
Appraiser calculate basement 120 too large, first floor 250 too small second floor 210 too large and attic 180 too large (its unfinishy). Funny how it all added up to exactly match public record though
My stove is natural gas not wood
4) Market analysis
“A review of the MLS data in the subject’s defined neighborhood indicates an increase in overall prices of 15% within the last
12 months. However, sales comparable to the subject increased by 4% in last year. The sample used includes homes of all designs age brackets and construction quality. The projected
absorption rate is approximately 2.7 months which is considered a shortage. The average DOM = 17″
How can the above statement possibly be justified. I call it into question.
5) Missing land improvement (shed & fence)
How do you miss those or is not relevant?