Advantage Appraisals

1) Please explain where you calculated that the sq ft difference in sq ft means a difference of $2,960?? That would mean an adjustment of $185/sqft should have been madeIf the appraiser made this type of an adjustment for sq ft, the final value conclusion would be significantly lower than what was actually provided in the appraisalAppraiser made an adjustment of $per sq ft which at sq ft would be a difference of $That is why it was stated that this less than 1% difference was insignificant as the appraiser has already used the rounding method and this amount would NOT change the final value conclusionBorrower should also be aware that it is within the lenders rights to lend below or above the actual appraised value if they see appropriate [redacted] should be helping educate the borrower in the appraisal process and their willingness to work with the borrower instead of making claims and flaming the fire when there is an insignificant discrepancy 1) Please explain where you calculated that the sq ft difference in sq ft means a difference of $2,960?? That would mean an adjustment of $185/sqft should have been madeIf the appraiser made this type of an adjustment for sq ft, the final value conclusion would be significantly lower than what was actually provided in the appraisalAppraiser made an adjustment of $per sq ft which at sq ft would be a difference of $That is why it was stated that this less than 1% difference was insignificant as the appraiser has already used the rounding method and this amount would NOT change the final value conclusion.Borrower should also be aware that it is within the lenders rights to lend below or above the actual appraised value if they see appropriate [redacted] should be helping educate the borrower in the appraisal process and their willingness to work with the borrower instead of making claims and flaming the fire when there is an insignificant discrepancy.2) Appraiser does not require a signature from the borrower during or after the inspectionPlease provide a copy if said document or an explanation of what was in the formSince borrower claims to have signed a form I can only assume that she either requested a copy for her files or knows what it said Appraiser is willing to continue a conversation with the borrower and answer all questions but will not continue to engage in a conversation when allegations are being made against the appraiser for being late, was too quick during the inspection and that a signature was required A sketch of the property and photographs show that the appraiser spent an appropriate time on site to gather the required informationAppraisers contact information is displayed within the appraisal and a simple phone call to the appraiser could have resolved all issues instead of taking this rout and making accusationsAfter looking at my schedule, it was also discovered that the subject property was the only property being inspected that day which also falsifies the claim that the appraiser said that he was in a hurry to another inspection3) Appraiser has limitations as to what properties can be used based on an acceptable variance between subject and other propertiesSuggested property that is located across the street falls outside the acceptable variance in sq ft and lot sizeAs to why comp was included as a comparable has been explained in the page report providedAppraiser feels that he has been pretty transparent and answered all of the borrowers questions even while accusations have been made against the appraiser and businessIf accusations are going to be continued to be made, the appraiser will not engage in anymore back and forth with borrower or assist in any sort of resolution of the borrowers issues

County records indicate the subject as having 1,sqft while the appraiser measured 1,sq ftwhich is merely a 1% varianceSince the difference is so small the valuation of the subject property was not affectedThe following statement was included in the original appraisal report made available the borrower: "The sq ft listed in the MLS/county records and measurements by the appraiser sometimes will differ slightlyThe reasons for this is the accuracy of the measuring tool usedAlthough the appraisers measurement is deemed reliable it is not 100% accurate." Appraisal appointment was for 10/02/at 9:30AMAppraiser does not recall being late to the appointment as it is the appraisers custom to call should a delay occurAn exactable time frame for appointments such as these are +-minsAppraiser measured the exterior of the property, took exterior photos and then entered the propertyThe interior inspection time depends of the the layout, ease of access and size of the propertyAppraiser usually spends to mins on site for a similar sized property which is typical as the layout of the subject property was easy to navigateA sketch and layout of the subject was provided and photos included in the reportAll pertinent information was gathered during site visit and adequate notes takenThe sketch, layout and photos show that an adequate amount of time was spent to gather the needed informationNo correction to the appraisal is deemed necessary as it will not affect the final value conclusion and the appraisers report will not be used to adjust the county records dataThere is no indication that the borrower will suffer any sort of monetary loss or miss valuation of the subject property from this insignificant difference of sq ftDuring the Appraisers 13+ years of experience, appraiser has found that the county records sq ft is not always 100% accurate and therefore does not disprove the accuracy of the appraisers measurements.Sent on: 10/25/2:31:AM

Thank you for providing the
appraisal completed previously on your home
Page
of that you are referring to is the cost approachIn that are of the page
you will also see a box checked that says "Replacement Cost New."
This indicates what it would cost to have the subject property rebuilt or
replaced as new with current construction costsIf you look at the previous
appraisal from your purchase this is indicated at $per sq ftHowever if
you look at the adjustments on the grid, only a $per sq ft adjustment was
madeIf that appraiser made a $sq ft adjustment, then their final value conclusion would have
been lower
In
my appraisal a $per sq ft adjustment was madeBoth values fall within an acceptable
range for adjustment
No
adjustment is made if the subject and comparable vary within sq ftIf you
look at their comparable you will see that there is a sq ft difference and
there is no adjustment madeSimilarly on my appraisal no adjustment was made
within a sq ft differenceTherefore as it has been stated multiple times, the sq ft difference in measurement is not
as significant in regards to the final value as the borrower believes it to be
As
for the signature, it will remain a mystery
as to who the borrower is mistaking the appraiser for, as no signature is
required at time of inspectionPerhaps a signature was required by another
professional on the same dayI think as the appraiser I would know how I conduct my business
on a daily basis and would know if I requested a signature which I have not done once in the years of being an appraiser

I am rejecting this response because:The respond letter by the appraiser today, dated, 10/25/17. The company claimed that the 1% error the company made did not affect the valuation of my property and they consider it, and I quoted, “so small”. 16 square footage means $2,960. It might be small to the appraiser’s eyes, but to me it makes a difference. Also, based on my conversation with [redacted] the 16 square footage will make a difference on getting the loan approved. Every penny count and I just want it corrected. The appraisal arrived 10 minutes late and only took him 10 minutes to do this appraisal. He made me sign the paper stating that he was in a hurry because everybody seems to be trying to get to work and want to get their appraiser done that morning. Also, my neighbor crossed the street, 4[redacted], sold their house for $325,000 on August 4, 2017. I would like to know why this property not included in the Comparable Sales. Please explain why did the appraiser submitted a comparable sales (#2) that is located to a totally different zip code and different city?

Revdex.com:
I have reviewed the response made by the business in reference to my concern, and find that this resolution is satisfactory to me.

County records indicate the subject as having 1,166 sqft while the appraiser measured 1,150 sq ft. which is merely a 1% variance. Since the difference is so small the valuation of the subject property was not affected. The following statement was included in the original appraisal report made...

available the borrower: "The sq ft listed in the MLS/county records and measurements by the appraiser sometimes will differ slightly. The reasons for this is the accuracy of the measuring tool used. Although the appraisers measurement is deemed reliable it is not 100% accurate." Appraisal appointment was for 10/02/2017 at 9:30AM. Appraiser does not recall being late to the appointment as it is the appraisers custom to call should a delay occur. An exactable time frame for appointments such as these are +-15 mins. Appraiser measured the exterior of the property, took exterior photos and then entered the property. The interior inspection time depends of the the layout, ease of access and size of the property. Appraiser usually spends 15 to 30 mins on site for a similar sized property which is typical as the layout of the subject property was easy to navigate. A sketch and layout of the subject was provided and 20 photos included in the report. All pertinent information was gathered during site visit and adequate notes taken. The sketch, layout and photos show that an adequate amount of time was spent to gather the needed information. No correction to the appraisal is deemed necessary as it will not affect the final value conclusion and the appraisers report will not be used to adjust the county records data. There is no indication that the borrower will suffer any sort of monetary loss or miss valuation of the subject property from this insignificant difference of 16 sq ft. During the Appraisers 13+ years of experience, appraiser has found that the county records sq ft is not always 100% accurate and therefore does not disprove the accuracy of the appraisers measurements.Sent on: 10/25/2017 2:31:11 AM

1) Please explain where you calculated that the 16 sq ft difference in sq ft means a difference of $2,960?? That would mean an adjustment of $185/sqft should have been made. If the appraiser made this type of an adjustment for sq ft, the final value conclusion would be significantly lower than what was actually provided in the appraisal. Appraiser made an adjustment of $40 per sq ft which at 16 sq ft would be a difference of $640. That is why it was stated that this less than 1% difference was insignificant as the appraiser has already used the rounding method and this amount would NOT change the final value conclusion. Borrower should also be aware that it is within the lenders rights to lend below or above the actual appraised value if they see appropriate. [redacted] should be helping educate the borrower in the appraisal process and their willingness to work with the borrower instead of making false claims and flaming the fire when there is an insignificant discrepancy.   1) Please explain where you calculated that the 16 sq ft difference in sq ft means a difference of $2,960?? That would mean an adjustment of $185/sqft should have been made. If the appraiser made this type of an adjustment for sq ft, the final value conclusion would be significantly lower than what was actually provided in the appraisal. Appraiser made an adjustment of $40 per sq ft which at 16 sq ft would be a difference of $640. That is why it was stated that this less than 1% difference was insignificant as the appraiser has already used the rounding method and this amount would NOT change the final value conclusion.Borrower should also be aware that it is within the lenders rights to lend below or above the actual appraised value if they see appropriate. [redacted] should be helping educate the borrower in the appraisal process and their willingness to work with the borrower instead of making false claims and flaming the fire when there is an insignificant discrepancy.2) Appraiser does not require a signature from the borrower during or after the inspection. Please provide a copy if said document or an explanation of what was in the form. Since borrower claims to have signed a form I can only assume that she either requested a copy for her files or knows what it said.  Appraiser is willing to continue a conversation with the borrower and answer all questions but will not continue to engage in a conversation when false allegations are being made against the appraiser for being late, was too quick during the inspection and that a signature was required . A sketch of the property and 20 photographs show that the appraiser spent an appropriate time on site to gather the required information. Appraisers contact information is displayed within the appraisal and a simple phone call to the appraiser could have resolved all issues instead of taking this rout and making false accusations. After looking at my schedule, it was also discovered that the subject property was the only property being inspected that day which also falsifies the claim that the appraiser said that he was in a hurry to another inspection. 3) Appraiser has limitations as to what properties can be used based on an acceptable variance between subject and other properties. Suggested property that is located across the street falls outside the acceptable variance in sq ft and lot size. As to why comp 2 was included as a comparable has been explained in the 29 page report provided. Appraiser feels that he has been pretty transparent and answered all of the borrowers questions even while false accusations have been made against the appraiser and business. If false accusations are going to be continued to be made, the appraiser will not engage in anymore back and forth with borrower or assist in any sort of resolution of the borrowers issues.