24 Hour Appraisal

08/19/
0px">From: Hour Appraisal Inc
Re: ID of ***
Hour Appraisal conducted an appraisal for the property at *** *** *** ** *** ** which was ordered through Core Valuation (our client)Residential appraisals are typically ordered through a lending institution (*** *** ***) via Core Valuation Hour Appraisal was sub-contractor and performed the field appraisal and got paid by Core ValuationAny refund issue needs to be addressed by the homeowner and the lender (*** *** ***)If the lender is not ok with the appraisal, they can request refund from Core Valuation who contracted the job from the lender who ordered the appraisalThe client of the appraisal is the lender and not the homeownerThe lender ordered appraisal and paid for it, and only the lender can ask for refund
The appraisal is based on market approach which determines value based on what other comparable properties sell in the subject’s neighborhood and not based on how much was spent on property to build or remodelMany of the houses sell 40% or more below the cost of the building 8-years ago
Appraiser contacted the Stanislaus County building department to confirm that the enclosed patio is not part of legal GLA (Gross Living Area)The county officials and their record confirmed that there was no permit issued for enclosed patio or any other addition on the property despite the homeowner’s claim
The sewer connection to the city or what “box” was marked regarding the bathroom remodel would not affect the final opinion of value as comparable properties were from the same neighborhood with similar amenities
Appraiser has the highest license level (Certified) and has been licensed for over seven years in subject’s area
An appraisal is ordered to get an impartial opinion of value by a licensed professional who performs his/her duties based on established principals without favor to any party. Hour Appraisal Increceived only part of what the homeowner/lender pays for the appraisalThe refund of appraisal money needs to be addressed between the client who ordered appraisal (*** *** ***) and the lender’s client (Core Valuation)
Sincerely
*** ***
Licensed Appraiser

Review: [redacted] conducted an appraisal on my home that resulted in a lowering the value of my home $4K, 8 months after I had it originally appraised. In the last 8 months I have invested $45K to remodel two bathrooms and two bedrooms, and have actually increased the value of my home. Mr. [redacted] got MANY of the facts incorrect on the appraisal, such as, he listed my house as being on City sewer lines, which is not true, I have a septic tank. He listed there is no alley access in my back yard, this is untrue, I have an alleyway. He deemed 460 square feet of my home "nonlivable" and documented I have a "covered patio" when in fact it is a remodeled additional room, livable and enclosed. He listed under "remodel - updated Bathrooms, updated 6 to 10 years prior", this is not true, I have the documentation to prove it was just completed in April 2014. I went through each line item of the appraisal done in December 2013 and the one Mr. [redacted] just completed in August 2014 and listed specific line by line discrepancies, and requested my appraisal be done again by an appraiser that has had his license for longer (in the appraisal he included his license and that he has been in business since April 2014). The management company that contracted with my loan officer, [redacted] with Greenlight Loans, stands behind the appraisers notes, even though the facts show he appraisal is not a true representation of the state of my residential property.Desired Settlement: I would like a full refund of the appraisal costs that were included in the refinancing of my home.

Business

Response:

08/19/2014

From: 24 Hour Appraisal Inc.

Re: ID of [redacted]

24 Hour Appraisal conducted an appraisal for the property at [redacted] which was ordered through Core Valuation (our client). Residential appraisals are typically ordered through a lending institution ([redacted]) via Core Valuation. 24 Hour Appraisal was sub-contractor and performed the field appraisal and got paid by Core Valuation. Any refund issue needs to be addressed by the homeowner and the lender ([redacted]). If the lender is not ok with the appraisal, they can request refund from Core Valuation who contracted the job from the lender who ordered the appraisal. The client of the appraisal is the lender and not the homeowner. The lender ordered appraisal and paid for it, and only the lender can ask for refund.

The appraisal is based on market approach which determines value based on what other comparable properties sell in the subject’s neighborhood and not based on how much was spent on property to build or remodel. Many of the houses sell 40% or more below the cost of the building 8-9 years ago.

Appraiser contacted the Stanislaus County building department to confirm that the enclosed patio is not part of legal GLA (Gross Living Area). The county officials and their record confirmed that there was no permit issued for enclosed patio or any other addition on the property despite the homeowner’s claim.

The sewer connection to the city or what “box” was marked regarding the bathroom remodel would not affect the final opinion of value as comparable properties were from the same neighborhood with similar amenities.

Appraiser has the highest license level (Certified) and has been licensed for over seven years in subject’s area.

An appraisal is ordered to get an impartial opinion of value by a licensed professional who performs his/her duties based on established principals without favor to any party. 24 Hour Appraisal Inc. received only part of what the homeowner/lender pays for the appraisal. The refund of appraisal money needs to be addressed between the client who ordered appraisal ([redacted]) and the lender’s client (Core Valuation).

Sincerely

Licensed Appraiser