Sheila Glanville-Conlee — Dec 31, 2019
As an USPAP Certified Appraiser myself since 1982 and who has bought and sold many different commercial properties throughout my l…
As an USPAP Certified Appraiser myself since 1982 and who has bought and sold many different commercial properties throughout my life, this is the worst appraiser I have ever encountered; do not use him. He was hired for $2400 to appraise my 9 unit 55+ Age Restricted Apartment building by PB & T on the sale of the building. He stated repeatedly in his appraisal that he could not find good comps, yet used them anyway, and incorrectly added over $14,000 to my expenses for 2018 that did not exist, trying hard to justify his low-ball appraisal, which was $185,000 less than the agreed upon purchase price. He tried to disparage the building any way he could, and failed to add in ANY Additional Considerations to increase the value, which included a brand new roof 09/19, the fact it is an age restricted 55+ building, which adds value and difficult to find, or that I have quality tenants, some who have lived there since I bought the building in 2008, or that it is in a good corner location next to the Pueblo Athletic Club, so like having those amenities without having to care for them, or that the building is 100% electric so no worries about gas explosions or carbon monoxide, clean and efficient for tenants, or that each apartment has a south facing passive solar sunroom, or that there was upside potential for each apartment to increase rents for each apartment by $100 a month in the upcoming year. He made false statements regarding the swamp coolers, saying they were "rusted out" which is not true, and even stating all of the steps were cracked and needed replacing, again false. He refused to properly put a correct capitlization value on it, using incorrect figures to bring the price down. I could go on, but it is obvious that he INTENTIONALLY went out of his way to low-ball the appraisal for whatever reason we shall hopefully learn when he is brought to justice as I am filing a complaint against him and his appraisal with DORA. The irresponsibility of basically slandering my building every way he could in his appraisal, means I will also likely sue him. Because of it, the deal fell through and it is harmful not only to me, who wasted 3 months dealing with the buyers, the buyers themselves who missed out on a quality building for investment purposes, and the realtors who spent hours dealing with it. An incorrect appraisal like this not only harms me personally financially, but also other investors in the future trying to sell their property for the appropriate amount in Pueblo. Maybe this is the reason Pueblo real estate prices fail to ever increase as the local appraisers insist they aren't worth what they are really worth. He compared significantly my 9 unit building to a 4 plex that had no property to it like mine does with no picnic area etc, that is in the middle of other 4-plexes that are difficult to rent, that he could not even state what the cap rate was because the rents were so low, , when my cap rate is 7.8%, and that property selling for $91,250 "per door" when he appraised my much nicer apartment building with an excellent cap rate and many more ameninties with higher rents for only $85,000 "per door". He refused to even do a replacement value appraisal, which certainly would have brought the appraisal up much higher and would have met the selling price, without question. At the low value he gave my building, the cap rate would have been 10%; such a deal for the buyer, but not happening as I refused to come down at all, the capitalization rate when properly done values the building at a little over the agreed upon price. This time he pulled this on the wrong person, and I will seek justice. Shameful and unprofessional. NOT RECOMMENDED AT ALL!
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As an USPAP Certified Appraiser myself since 1982 and who has bought and sold many different commercial properties throughout my life, this is the worst appraiser I have ever encountered; do not use him. He was hired for $2400 to appraise my 9 unit 55+ Age Restricted Apartment building by PB & T on …
As an USPAP Certified Appraiser myself since 1982 and who has bought and sold many different commercial properties throughout my life, this is the worst appraiser I have ever encountered; do not use him. He was hired for $2400 to appraise my 9 unit 55+ Age Restricted Apartment building by PB & T on the sale of the building. He stated repeatedly in his appraisal that he could not find good comps, yet used them anyway, and incorrectly added over $14,000 to my expenses for 2018 that did not exist, trying hard to justify his low-ball appraisal, which was $185,000 less than the agreed upon purchase price. He tried to disparage the building any way he could, and failed to add in ANY Additional Considerations to increase the value, which included a brand new roof 09/19, the fact it is an age restricted 55+ building, which adds value and difficult to find, or that I have quality tenants, some who have lived there since I bought the building in 2008, or that it is in a good corner location next to the Pueblo Athletic Club, so like having those amenities without having to care for them, or that the building is 100% electric so no worries about gas explosions or carbon monoxide, clean and efficient for tenants, or that each apartment has a south facing passive solar sunroom, or that there was upside potential for each apartment to increase rents for each apartment by $100 a month in the upcoming year. He made false statements regarding the swamp coolers, saying they were "rusted out" which is not true, and even stating all of the steps were cracked and needed replacing, again false. He refused to properly put a correct capitlization value on it, using incorrect figures to bring the price down. I could go on, but it is obvious that he INTENTIONALLY went out of his way to low-ball the appraisal for whatever reason we shall hopefully learn when he is brought to justice as I am filing a complaint against him and his appraisal with DORA. The irresponsibility of basically slandering my building every way he could in his appraisal, means I will also likely sue him. Because of it, the deal fell through and it is harmful not only to me, who wasted 3 months dealing with the buyers, the buyers themselves who missed out on a quality building for investment purposes, and the realtors who spent hours dealing with it. An incorrect appraisal like this not only harms me personally financially, but also other investors in the future trying to sell their property for the appropriate amount in Pueblo. Maybe this is the reason Pueblo real estate prices fail to ever increase as the local appraisers insist they aren't worth what they are really worth. He compared significantly my 9 unit building to a 4 plex that had no property to it like mine does with no picnic area etc, that is in the middle of other 4-plexes that are difficult to rent, that he could not even state what the cap rate was because the rents were so low, , when my cap rate is 7.8%, and that property selling for $91,250 "per door" when he appraised my much nicer apartment building with an excellent cap rate and many more ameninties with higher rents for only $85,000 "per door". He refused to even do a replacement value appraisal, which certainly would have brought the appraisal up much higher and would have met the selling price, without question. At the low value he gave my building, the cap rate would have been 10%; such a deal for the buyer, but not happening as I refused to come down at all, the capitalization rate when properly done values the building at a little over the agreed upon price. This time he pulled this on the wrong person, and I will seek justice. Shameful and unprofessional. NOT RECOMMENDED AT ALL!
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