Dear Ms***:
This letter is in regard to the above referenced ** number and your letter dated Thursday, March 3,
First of all, let me begin by saying this complaint is a first for my company and I take it extremelyseriouslyFrom the establishment of Rock Appraisal Group, Incorporated,
honesty and integrity havebeen my utmost goal, not only for myself, but for every appraiser I have employed
have worked in the Appraisal industry since First working for a large, well known appraisal firmin Bellevue, Washington and secondly, in June of opening my own Appraisal firm in which I havecontinued to work to dateSince the onset of my company, I have preformed upwards of 6000appraisals, and would estimate nearly the same while working for my previous employer
It is imperative that Revdex.com be aware that the actual client of the appraiser is the LenderIn this particularcase: Freedom Mortgage CorporationAppraisers are typically contracted by the lending institution toestablish "estimated market value" of a particular propertyThis is done prior to entering into amortgage contract with the property ownerFreedom Mortgage Corporation has contracted with RockAppraisal Group approximately times within the past five years with absolutely no complaintThisproperty is no exceptionThe appraisal was ordered, preformed, delivered and paid for by the clientwith no conditions, complaints and/or additional requirements
As an appraiser, I am directed by a number of governing bodies, Uniformed Standards of ProfessionalAppraisal Practice (USPAP) and American National Standards Institute are two of the most recognized inthe industryTheir rules and regulations dictate how I complete my valuation, both in the field and ongrid
The subject property (*** *** *** **) is considered a split entry style residenceA split entrystyle residence is just that, an entry with ascending and descending stairs upon entryTo furtherdescribe, split entry style residences typically offer a family room, laundry and sometimes a bath andbonus room on the lower level and a living, dining, kitchen, beds and baths on the upper level
All ascended square footage is considered "gross living area" and all descended square footage isconsidered "lower level square footage"(See Exhibit A)
In Comparison, a two story style property offers an entry requiring no stairs to access the "gross livingarea"This level typically offers a living, dining, kitchen and a bath, sometimes a denThebedrooms and baths are on the upper level(See Exhibit B)
USPAP requires the appraiser in establishing "Estimated Market Value" to provide similar styleproperties as Sale Com parablesThis is the best way to estimate value of the subject property and toprovide the lending institution with visual comparisonAfter property inspection, I had no issue withlocating com parables, all three of which are split entry style residences similar to that of the subjectproperty(See Exhibit C)
It is my desire to always provide the best appraisal possible for my clientsThis appraisal was noexceptionIn reading through the DESIRED SETILEMENT: I feel there are no corrections to be made.Secondly, upon payment by the client, Freedom Mortgage Corporation, the appraisal becomes theirpropertyThe appraiser is unable to make any changes without their knowledge/requestThere hasbeen absolutely no request by the lender for such, nor any question as to the estimated value of theproperty
The second request was to file the report appropriately and provided the property owner and the lenderwith a corrected copy of the reportAgain, the report was filed correctly and the lender is in ownershipof the reportThe appraiser cannot, by law, provide a copy to the homeownerThat must be done bythe lender upon signing
The third condition of settlement is punishment by the Revdex.comThe contract for this job was between RockReal Estate Appraisal Group, Incand Freedom Mortgage CorportationI would question if Ms*** isin the position to file such a claimHowever, in response, absolutely no fraud has been involved in thisappraisal, nor has any malicious thought or misrepresentation occurred
I realize how important it is to Ms*** as a homeowner to reap the highest value for her homeIknow it is also important to her that her home be considered a "two story'' rather than a "split entry''style residenceNo matter what we call it l cannot change, nor would it change the value in which thepresented sale com parables establishI cannot alter a report that has been accepted by my client.If I can be of any further assistance, please do not hesitate to contact me
Sincerely,Ronald LM***, Certified Appraiser
Complaint: ***I am rejecting this response because:
First of all, this concern is not that of the homeowner directlyIt is a concern of misrepresenting a property through report whether intentional or by that of incompetency. The homeowners have nothing to gain through the change of the reportThe inaccuracy of this report was mentioned directly to the appraiser without resolve or acknowledgement to the mistakeA mistake that, in other circumstances, may be clearly evident but is simply overlookedThat is exactly why the homeowner attempted resolution first without involving the Revdex.com
Second, all exhibits, a.k.acomparables, provided by the appraiser are indeed "below grade" or "basement" by definition as described by the appraiser"Split Level" was not in question on the report, nor is it definitive of a below grade structure or basement
Third, if the appraiser cannot properly identify "Below Grade" or "Basement" when referencing *** *** *** **, then I'd have to question other equal or less obvious details he may have overlooked or intentionally left out while conducting the other approximately 12,appraisals he has claimed in his career.
Fourth, this appraisal would be the difference of approximately $50,on the home if it were to be sold, of which, is one fifth of the overall estimated value. I may point out, again, that Washington State public records do not define the first story as a basement. Indeed, I pay property taxes on 1,sqft
The question now is, what is to be done when someone who is properly licensed and qualified to possess such key fiscal power (of which many deals are determined) if that individual cannot accurately write a report
The answer is to report the situationMake the situation rightThis is a matter of integrity. The homeowners do not accept that the report cannot be fixed. The homeowners are indeed engineers and have made innocent inaccuracies; the inaccuracies had to be fixed and the reports refiled. Yes, indeed it was a hit to the ego each time, but it is more important to make a wrong right
I would invite third-party investigators that would support the "Below Grade" AKA "Basement" check box by definition, inspect the residence in question (front and back) and even validate or discredit this report in person
The property possesses no basement.
The property is not below grade nor a basement by definitionCan the appraiser provide accurate references from American National Standards Institute (ANSI) to substantiate the definition of basement according to "industry standards"?
The difference as a result is $per sqft on approximately 1,sqft.
The report is in small quantity and thus it's entirety
Submission of the report whilst providing visual proof of "basement" definition indicates acknowledgement of inaccuracy and/or incompetency
With the data presented, this is merely a concern for all other homeowners and organizations that request or have requested services from this appraiser as to the validity of his reports
If this was any other service or agency that did not provide an accurate representation, regardless of their past reflections, we would report those potential discrepancies through properly channeled actions, as we would expect no lesser treatment of ourselves.Sincerely,*** ***
Complaint: ***I am rejecting this response because:
The appraiser has still failed to provide a reference for "below grade". This would either prove accurate or not the report. Since the entire complaint rests on the accuracy of the appraisal report, a simple accurate reference that defines below grade as the appraiser claims would suffice.
Also, the homeowner cannot control Freedom Mortgage. Their process requires the homeowner to pay an additional $for an appraiser to discredit or substantiate the report. It is not a surprise that with a process like that, complaints are rare if non-existentSincerely,*** ***
Dear Ms. [redacted]:
This letter is in regard to the above referenced ID number and your letter dated Wednesday, March 16,2016.
I have reviewed the response by Ms. [redacted], and will try to again respond clearly and concisely regardingher concerns.
I was originally contracted by Ms. [redacted]'s lender, Freedom Mortgage Corporation. The lender requiredme to provide them with the estimated market value of the property before they entered into a lendingcontract with the homeowner. I was hired by the lender. I provided a clear report with similarcomparables to that of the subject property. The lender approved the report, accepted the report andpaid for the report. Upon payment, the appraisal becomes their property. I have not had one questionby the lender as to the validity of this appraisal.
When I reviewed Ms. [redacted]'s response, I immediately noted her fourth paragraph regarding the"difference of approximately $50,000 on the home if it were to be sold". There are absolutely nosimilar split entry style residences, within the giving market area, that even begin to come near thattype of value.
On the original report sale comparable #1 is .18 miles from the subject property, is superior in squarefootage and sold for $232,000. The estimated market value of the subject property was $226,000. Inthe past year, there have been three sales within the subject plat, the highest being that of salecomparable #1 at $232,000. Two additional sales within the subject plat were rambler style residencesone at $218,000 and $187,500. This speaks simply and clearly to the $50,000 comment of value by thehomeowner.
The next four paragraphs of Ms. [redacted]'s response are directed at the appraiser's ability, integrity andexperience. All three of these qualities stand alone by issue of the history of satisfied lenders andclients.
Sincerely,
Ronald L M[redacted], Certified Appraiser
Dear Ms***:
This letter is in regard to the above referenced ** number and your letter dated Thursday, March 3,
First of all, let me begin by saying this complaint is a first for my company and I take it extremelyseriouslyFrom the establishment of Rock Appraisal Group, Incorporated,
honesty and integrity havebeen my utmost goal, not only for myself, but for every appraiser I have employed
have worked in the Appraisal industry since First working for a large, well known appraisal firmin Bellevue, Washington and secondly, in June of opening my own Appraisal firm in which I havecontinued to work to dateSince the onset of my company, I have preformed upwards of 6000appraisals, and would estimate nearly the same while working for my previous employer
It is imperative that Revdex.com be aware that the actual client of the appraiser is the LenderIn this particularcase: Freedom Mortgage CorporationAppraisers are typically contracted by the lending institution toestablish "estimated market value" of a particular propertyThis is done prior to entering into amortgage contract with the property ownerFreedom Mortgage Corporation has contracted with RockAppraisal Group approximately times within the past five years with absolutely no complaintThisproperty is no exceptionThe appraisal was ordered, preformed, delivered and paid for by the clientwith no conditions, complaints and/or additional requirements
As an appraiser, I am directed by a number of governing bodies, Uniformed Standards of ProfessionalAppraisal Practice (USPAP) and American National Standards Institute are two of the most recognized inthe industryTheir rules and regulations dictate how I complete my valuation, both in the field and ongrid
The subject property (*** *** *** **) is considered a split entry style residenceA split entrystyle residence is just that, an entry with ascending and descending stairs upon entryTo furtherdescribe, split entry style residences typically offer a family room, laundry and sometimes a bath andbonus room on the lower level and a living, dining, kitchen, beds and baths on the upper level
All ascended square footage is considered "gross living area" and all descended square footage isconsidered "lower level square footage"(See Exhibit A)
In Comparison, a two story style property offers an entry requiring no stairs to access the "gross livingarea"This level typically offers a living, dining, kitchen and a bath, sometimes a denThebedrooms and baths are on the upper level(See Exhibit B)
USPAP requires the appraiser in establishing "Estimated Market Value" to provide similar styleproperties as Sale Com parablesThis is the best way to estimate value of the subject property and toprovide the lending institution with visual comparisonAfter property inspection, I had no issue withlocating com parables, all three of which are split entry style residences similar to that of the subjectproperty(See Exhibit C)
It is my desire to always provide the best appraisal possible for my clientsThis appraisal was noexceptionIn reading through the DESIRED SETILEMENT: I feel there are no corrections to be made.Secondly, upon payment by the client, Freedom Mortgage Corporation, the appraisal becomes theirpropertyThe appraiser is unable to make any changes without their knowledge/requestThere hasbeen absolutely no request by the lender for such, nor any question as to the estimated value of theproperty
The second request was to file the report appropriately and provided the property owner and the lenderwith a corrected copy of the reportAgain, the report was filed correctly and the lender is in ownershipof the reportThe appraiser cannot, by law, provide a copy to the homeownerThat must be done bythe lender upon signing
The third condition of settlement is punishment by the Revdex.comThe contract for this job was between RockReal Estate Appraisal Group, Incand Freedom Mortgage CorportationI would question if Ms*** isin the position to file such a claimHowever, in response, absolutely no fraud has been involved in thisappraisal, nor has any malicious thought or misrepresentation occurred
I realize how important it is to Ms*** as a homeowner to reap the highest value for her homeIknow it is also important to her that her home be considered a "two story'' rather than a "split entry''style residenceNo matter what we call it l cannot change, nor would it change the value in which thepresented sale com parables establishI cannot alter a report that has been accepted by my client.If I can be of any further assistance, please do not hesitate to contact me
Sincerely,Ronald LM***, Certified Appraiser
Complaint: ***I am rejecting this response because:
First of all, this concern is not that of the homeowner directlyIt is a concern of misrepresenting a property through report whether intentional or by that of incompetency. The homeowners have nothing to gain through the change of the reportThe inaccuracy of this report was mentioned directly to the appraiser without resolve or acknowledgement to the mistakeA mistake that, in other circumstances, may be clearly evident but is simply overlookedThat is exactly why the homeowner attempted resolution first without involving the Revdex.com
Second, all exhibits, a.k.acomparables, provided by the appraiser are indeed "below grade" or "basement" by definition as described by the appraiser"Split Level" was not in question on the report, nor is it definitive of a below grade structure or basement
Third, if the appraiser cannot properly identify "Below Grade" or "Basement" when referencing *** *** *** **, then I'd have to question other equal or less obvious details he may have overlooked or intentionally left out while conducting the other approximately 12,appraisals he has claimed in his career.
Fourth, this appraisal would be the difference of approximately $50,on the home if it were to be sold, of which, is one fifth of the overall estimated value. I may point out, again, that Washington State public records do not define the first story as a basement. Indeed, I pay property taxes on 1,sqft
The question now is, what is to be done when someone who is properly licensed and qualified to possess such key fiscal power (of which many deals are determined) if that individual cannot accurately write a report
The answer is to report the situationMake the situation rightThis is a matter of integrity. The homeowners do not accept that the report cannot be fixed. The homeowners are indeed engineers and have made innocent inaccuracies; the inaccuracies had to be fixed and the reports refiled. Yes, indeed it was a hit to the ego each time, but it is more important to make a wrong right
I would invite third-party investigators that would support the "Below Grade" AKA "Basement" check box by definition, inspect the residence in question (front and back) and even validate or discredit this report in person
The property possesses no basement.
The property is not below grade nor a basement by definitionCan the appraiser provide accurate references from American National Standards Institute (ANSI) to substantiate the definition of basement according to "industry standards"?
The difference as a result is $per sqft on approximately 1,sqft.
The report is in small quantity and thus it's entirety
Submission of the report whilst providing visual proof of "basement" definition indicates acknowledgement of inaccuracy and/or incompetency
With the data presented, this is merely a concern for all other homeowners and organizations that request or have requested services from this appraiser as to the validity of his reports
If this was any other service or agency that did not provide an accurate representation, regardless of their past reflections, we would report those potential discrepancies through properly channeled actions, as we would expect no lesser treatment of ourselves.Sincerely,*** ***
Complaint: ***I am rejecting this response because:
The appraiser has still failed to provide a reference for "below grade". This would either prove accurate or not the report. Since the entire complaint rests on the accuracy of the appraisal report, a simple accurate reference that defines below grade as the appraiser claims would suffice.
Also, the homeowner cannot control Freedom Mortgage. Their process requires the homeowner to pay an additional $for an appraiser to discredit or substantiate the report. It is not a surprise that with a process like that, complaints are rare if non-existentSincerely,*** ***
Dear Ms. [redacted]:
This letter is in regard to the above referenced ID number and your letter dated Wednesday, March 16,2016.
I have reviewed the response by Ms. [redacted], and will try to again respond clearly and concisely regardingher concerns.
I was originally contracted by Ms. [redacted]'s lender, Freedom Mortgage Corporation. The lender requiredme to provide them with the estimated market value of the property before they entered into a lendingcontract with the homeowner. I was hired by the lender. I provided a clear report with similarcomparables to that of the subject property. The lender approved the report, accepted the report andpaid for the report. Upon payment, the appraisal becomes their property. I have not had one questionby the lender as to the validity of this appraisal.
When I reviewed Ms. [redacted]'s response, I immediately noted her fourth paragraph regarding the"difference of approximately $50,000 on the home if it were to be sold". There are absolutely nosimilar split entry style residences, within the giving market area, that even begin to come near thattype of value.
On the original report sale comparable #1 is .18 miles from the subject property, is superior in squarefootage and sold for $232,000. The estimated market value of the subject property was $226,000. Inthe past year, there have been three sales within the subject plat, the highest being that of salecomparable #1 at $232,000. Two additional sales within the subject plat were rambler style residencesone at $218,000 and $187,500. This speaks simply and clearly to the $50,000 comment of value by thehomeowner.
The next four paragraphs of Ms. [redacted]'s response are directed at the appraiser's ability, integrity andexperience. All three of these qualities stand alone by issue of the history of satisfied lenders andclients.
Sincerely,
Ronald L M[redacted], Certified Appraiser