Anne Andrew — Dec 15, 2021
Our lender (Rocket Mortgage) hired Ms. Fegley to do an appraisal of our home. Her report came back 50-75,000 under the current ma…
Our lender (Rocket Mortgage) hired Ms. Fegley to do an appraisal of our home. Her report came back 50-75,000 under the current market value of our home. We found over 15 errors on the report and our lender appealed the appraisal. This appraiser used all 12 mo. old listings which represented a winter market during the pandemic, claimed there were no comparable home sales within 6 months, claimed that 2 of them were within 1 mile of our home when they were actually 2-3 miles away and in another school district. She was incorrect with the square footage of our home by over 200 square feet, and included a current listing that she marked as next door, when it was actually over 7 miles away and in another school district, just to name a few errors. After the addendum report came back, she stated that 2 comparable sales that were within 6 months and within 1 mile of our home which the lender provided could be used. These comparable sales sold for $75- $150,000 more than she valued our home at, but she stated that didn't change her perspective of the value of our home. She returned the addendum to the appeal, and it still contained errors in comparable sales, she didn't use the ones that she said could be used, the current market listing was still listed as 0.06 miles from the subject, even though it was actually over 7 miles away, and some of the other errors such as number of fireplaces and square footage was still incorrect. In addition to all of this, she took so long to respond to the appeal that our loan fell out of process with the lender, even with multiple attempts by the lender to contact the appraiser for the addendum report.
This was a terrible experience that cost us our lending opportunity, and will cost Rocket Mortgage their current client. We will be shopping for a local lender who can hire a local appraiser that is actually familiar with our area and willing to put in the time to provide an accurate appraisal.
Read more
Our lender (Rocket Mortgage) hired Ms. Fegley to do an appraisal of our home. Her report came back 50-75,000 under the current market value of our home. We found over 15 errors on the report and our lender appealed the appraisal. This appraiser used all 12 mo. old listings which represented a win…
Our lender (Rocket Mortgage) hired Ms. Fegley to do an appraisal of our home. Her report came back 50-75,000 under the current market value of our home. We found over 15 errors on the report and our lender appealed the appraisal. This appraiser used all 12 mo. old listings which represented a winter market during the pandemic, claimed there were no comparable home sales within 6 months, claimed that 2 of them were within 1 mile of our home when they were actually 2-3 miles away and in another school district. She was incorrect with the square footage of our home by over 200 square feet, and included a current listing that she marked as next door, when it was actually over 7 miles away and in another school district, just to name a few errors. After the addendum report came back, she stated that 2 comparable sales that were within 6 months and within 1 mile of our home which the lender provided could be used. These comparable sales sold for $75- $150,000 more than she valued our home at, but she stated that didn't change her perspective of the value of our home. She returned the addendum to the appeal, and it still contained errors in comparable sales, she didn't use the ones that she said could be used, the current market listing was still listed as 0.06 miles from the subject, even though it was actually over 7 miles away, and some of the other errors such as number of fireplaces and square footage was still incorrect. In addition to all of this, she took so long to respond to the appeal that our loan fell out of process with the lender, even with multiple attempts by the lender to contact the appraiser for the addendum report.
This was a terrible experience that cost us our lending opportunity, and will cost Rocket Mortgage their current client. We will be shopping for a local lender who can hire a local appraiser that is actually familiar with our area and willing to put in the time to provide an accurate appraisal.
Read more
Show less
