Complaints

• Initial Complaint

  11/18/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I'm working with Loan Depot to aquire a mortgage on my paid off brick home in ***** ******* **. The appraiser from Prime Apprasial was amazing. She documented size of rooms and refigured actual square footage with the 12 x 18 finished 4 seasons room not included in the 1638 Sq.Ft. County Records list bringing our total Sq.ft. to 1854. **** ****** who never entered our home submitted an appraisal with comps based on 1638 Sq. Ft. homes lowering our appraisal by $10,000. An appeal was submitted to **** ****** who responded by lowering his appraisal 6 days earlier down $6,000. We hope this is a over sight. Rather than a retaliation because we we advised to file a appeal lowering our homes value $6000. We believe the value of a house does not drop $6000. In 6 days. His action put the value required by Fanny & Freddie Mae $80. short therefore this lady battling cancer & winning the battle cannot obtain my loan which we were using to pay off our % only loan with a monthly payment of $600.00 in October before rate increase in November. We respectfully request **** ****** adjust the 2ND appraisal to reflect the same amount as his 1ST appraisal which is $6000. higher so we may close on or before November 30, 2022. We apologize if the appeal offended him. We were ill advised to do a appeal.

  Business response

  12/01/2022

  Thank you for the opportunity to address this complaint. Ms. ******'s home on *** ********** ***** is an 1,638 square foot house with an attached 216 square foot enclosed patio. At the time the property was viewed, the enclosed patio had no permanent heat source and, per standard appraisal practice, cannot be included in the total square footage of living area. This explanation is included in the appraisal report. On 11/14/2022, I was asked by Ms. ******'s lender, Loan Depot, to remove some adjustments which are based on the date a comparable property is sold, called time adjustments, which were included in the original report. The removal of these adjustments resulted in the opinion of value of Ms. ******'s property to decrease by $6,300. On 11/18/2022, I was asked by Ms. ******'s lender, Loan Depot, to reinstate the time adjustments which was done immediately and the revised report reflecting the original value was submitted to the lender the same day. I have no knowledge of any of the terms, dates or details of Ms. ******'s loan which is private information. ******** *. is a state licensed, experienced appraiser assistant and is under my direct supervision. If you need any additional information or clarification, please do not hesitate to ask.

  
  

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