Owens Appraisals

Review: Mr. [redacted] of [redacted] Appraisals was hired by [redacted] to provide an appraisal on my property located in the heart of downtown Sacramento. Mr. [redacted] contacted me on a Monday afternoon to schedule the appraisal for the following Wednesday. He provided his business hours between 0900 and 1530. I the customer took the morning off from work to meet his schedule. When he arrived Mr. [redacted] was professional and reviewed the yard and home within 40 minutes. During his walk thru he commented, "Oh I was looking for that" meaning the 1/2 bathroom in my 2.5 bathroom home. Upon his completion he asked me, is this a two bedroom home? and I really began to wonder what his credentials are. The home has two master bedrooms and one bedroom. The official definition of a bedroom varies from state to state however; my room meets all CA codes. There is a large window, a nice closet, vented with the central heating and air system and a lockable door. In his report he apparently listed the home as a three bedroom. I have not been given a copy. Two weeks later, I called the Mortgage Company to find out the results. They told me he appraised the home at $515,000. Currently there are numerous homes for sale with the lowest price per square foot at $295.00. Mr. [redacted] used $279 for my home. When I called him on this he said he used historical date to come up with the appraisal. He clearly did not use current information and has caused the mortgage company to keep the PMI on the home. Mr. [redacted] needs to use current information and reassess my home properly. Ive contacted [redacted] about the home and the realtor stated my property could be listed as high as $325 a sq foot. I simply want Mr. [redacted] to re-as my property using todays standards and not the historical information he said he used for his calculation. Mr. [redacted] stated to me that in order for this to be corrected, I would have to provide documentation/proof to my mortgage company in order for him to re-evaluate.Desired Settlement: Replace his outdated appraisal and use today's standards. Have another appraiser come in and provide a new appraisal. Call [redacted] and have them appraise my property.

Business

Response:

The complainant has been advised of the proper channels to follow in order to request a reconsideration of value for the appraisal of his property.

Consumer

Response:

I am rejecting this response because:

Mr. [redacted] did not reply to my concern but skirted around with an answer he and I had already discussed. In fact I have already supplied all the supporting documents and market analysis from multiple real estate companies showing the price per square foot for this area to [redacted], my current mortgage company. I expect [redacted] to be in touch with me within three weeks. My concern with Mr. [redacted] was information he used in determining the price per square foot, $23-39 lower than the current value. Mr. [redacted] used outdated sales data which is costing me PMI each and every month.

My question to you Ma'am and the Revdex.com was to have Mr. [redacted] reply why he used the value he used and where he determined the price per square foot in my property value on May 7, 2014 All indicators from all agencies show between 289 and 325 per sq. foot.

This is a custom designed high end home and to say the price per square foot is less than average is a bad call on all counts. Mr. [redacted] needs to provide his source documents, I had to do my research and talk with multiple agencies to "disprove" his figures to [redacted] mortgage.

I only want what is fair and equitable. Mr. [redacted] owes it to me and all the consumers he will be employed for to provide the answer to my question, where did he determine and get his information. If all real estate agents show a higher value per square foot, he must have some source that he should have to provide.

Sincerely,