ComplaintsforWilliam Wydra Appraisals

• Initial Complaint

  12/22/2021

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  William ***** Appraisals was hired by my lender to do an Appraisal on a new home construction for a VA loan. Mr. ***** tidewaterd the property and then when additional comparable sales were offerred he would say "they are far superior" and couldn't be used. In the end he selected comparable homes that ended up bringing our home appraised value to over $30,000 below the sales price. Initially, I thought our home was overpriced by the builder but then I got a copy of the appraisal for the new house constructed across the street, that is very similiar to mine and it appraised for $40,000 more than mine. The home across the street is only 179 square feet bigger, was built by the same builder, has one less bedroom above grade, has less finished square footage below grade, doesn't have a fireplace, and doesn't have a wetbar. When Mr. ***** was presented with a VA reconsideration packet that included the home across the street and the comparable homes used in that appraisal he refused to accept those homes as comparable sales and wouldn't approve a recertification of the orginial appraisal. It is my opinion that Mr. ***** refusal to reconsider his appraisal is resulting in my home being undervalued. If nothing else I believe an explanation on why two homes so similiar, built by same builder and right across the street from each other could be so drastically different in their appraised values. It should be noted I spoke with my lender and the VA and they both reached out to Mr. ***** and requested he do a reconsideration of value and he is still refusing, so this isn't just me asking others with way more experience are also requesting a reconsideration based on the data they have seen.

  Business response

  01/21/2022

  In reference to the complaint filed by ****** ******** regarding a VA appraisal that I performed, I would like to respond to this.   I am limited to what I can send to you as appraisals are considered confidential and since I am hired by the lender, I do not have permission to send the appraisal that I performed for his lender.  He presented an appraisal that was performed by another appraiser that was dated one month after his appraisal. This was his neighbors home.  This is not an acceptable practice to utilize a sale that took place after (or in the future) of the my appraisal.   This appraisal was riddled with errors and extreme adjustments to meet the value needed.  I obtained a copy of this appraisal which I have not turned into the State of Illinois for review due to errors and numbers put into this report to make value.   VA has reviewed my appraisal and has denied his reconsideration of value due to 14 sales in his immediate neighborhood that all sold for less than his home.   It would not be common practice to utilize sales from other neighborhoods to meet value when there are several extremely similar sales in his subdivision.   I cannot commit fraud for this borrower.  Again, I cannot send a copy of my appraisal to you as I was hired by the lender/VA and do not have permission to share the appraisal.  Please utilize my email if you need anything else from me.  

  
  

  Thank you.

  
  

  ******* *****, VA Appraiser

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