Shuler Appraisals

This is response to the above complaintThe appraiser was hired directly by the lender/management company and no fees were paid to the appraiser by the borrower/homeowner (appraiser is paid directly be management company who is hired by lender)Fees are set by the lender and adjustments in fees for location, size, complexity, etcis negotiated between lender/appraiserSince the appraiser is hired by the lender any questions in reference to the appraisal/fees should be forwarded to the lenderHowever, it is noted that appraiser has extensive experience in the market area and has performed over appraisals in the subject's zip code (within the last months)It is also noted that lender requires two active/pending (under contract sales) to be included in each report to provide support for current market values/trendsNo complaints/questions in reference to the appraisal was forwarded to our office by the lenderIf borrower has any additional questions about the appraisal and or would like a detailed explanation of the information provided in the report he can forward the information to the fender who will send the information directly to our office and the information will be addressed in the report.Thanks,Shuler Appraisal

1. None of the under contract Comparable were on the market for over 270 days. However, there was ore that was on the market for 175 days which is not uncommon among Custom high end homes. The photos of all comparable properties are taken on the date of the subject's appraisal (which is required by lender). However, the condition of the property is reflective of that which is disclosed on the MRIS and adjustments are made when there are variations in condition (as reflected on the sales grid).2. The fee that is established between the lender and appraiser is set based on a number of factors that in no way effects the level of service that is provided to the homeowner. Fees are based on Complexity and appraisers are chosen based on their knowledge and experience in the market area.3. The number of stories provided in report is what was observed at time of inspection. Please note that the basement is not considered in the number of stories as it is below grade. It is also noted that the number of fireplaces were which was observed at time of inspection. If the information is wrong the borrower must contact the lender and they will forward the information over to our office to take another look at.4. All Adjustments included site (lot size) are taken directly from market data. If no adjustments are made it means there was not enough market data to support which should be explained on the addendum page of original report.5. The subject property is within the neighborhood of [redacted]. Appraiser has performed 9 appraisals within [redacted] within the past 12 months.6. We take every appraisal that is performed very seriously and are always more than willing to address any issues that the homeowner has. However, since we are hired directly by the lender those request have to go through them. If homeowner does not forward issues to the lender we have no way of addressing and or clearing up any issues they may have.7. Any concerns about the lack of knowledge and or reasoning for fee must be addressed directly with lender as detailed explanations about the fees that are office charge are always given to the lender (who is our client)

This is response to the above complaint. The appraiser was hired directly by the lender/management company and no fees were paid to the appraiser by the borrower/homeowner (appraiser is paid directly be management company who is hired by lender). Fees are set by the lender and adjustments in fees...

for location, size, complexity, etc. is negotiated between lender/appraiser. Since the appraiser is hired by the lender any questions in reference to the appraisal/fees should be forwarded to the lender. However, it is noted that appraiser has extensive experience in the market area and has performed over 40 appraisals in the subject's zip code (within the last 12 months). It is also noted that lender requires two active/pending (under contract sales) to be included in each report to provide support for current market values/trends. No complaints/questions in reference to the appraisal was forwarded to our office by the lender. If borrower has any additional questions about the appraisal and or would like a detailed explanation of the information provided in the report he can forward the information to the fender who will send the information directly to our office and the information will be addressed in the report.Thanks,Shuler Appraisal

[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed as Answered]
 Complaint: [redacted]
I am rejecting this response because:1.) One of the under agreement comps used by the appraiser was under contract for almost a year (270+ days) and was fully renovated during this time. The property pictured in the appraisal was significantly updated from the listing on the MRIS and should have never been in the appraisal. Its inclusion shows a lack of due diligence.2.) Customer paid lender and the lender paid the appraiser. The concept that the appraiser is not responsible to the customer is erroneous. The appraiser is hiding behind a national lender like [redacted] to justify his incompetence 3.) Material facts about the appraisal were incorrect such as the number of fireplaces in the house and the number of stories.4.) No credits were added for house exposure. Appraisal also failed to assign value to the lot being in excess of 2000+ sqft larger than comparable properties used.5.) Appraiser may do a lot of appraisals in a zip code but this does not mean he is experienced in a specific neighborhood. 6.) No complaint was filed with lender because invalidating the appraisal would have risked the interest rate lock on the mortgage. Appraiser is insulated from criticism because the lose associated with challenging the appraisal is greater than just accepting it.7.) Increase in appraisal was negotiated directly with the lender after appraisal was conducted with no input from consumer and fee was passed onto consumer.
Regards,
[redacted]