James R Nicholson, Review

Lazy and Incompetent
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by Tokay, Dec. 28, 2013

In spring of 2013, James Nicholson was contracted to perform an appraisal of a new home we planned to purchase in Placer County.  This was during a time when inventories were extremely low, and properties were going for cash offers of $50-$100K above asking price.  James neither had the experience nor understanding of the subject market and recent housing trends during his "evaluation", and subsequently undervalued the home home we planned to purchase by an astonishing $40K below asking price!  His lack of experience was only further reinforced by his complete reliance on Zillow and comps that were nearly a year old -- which had occurred during the bottom of the local housing market.  Utilization of Zillow, rather than common sense and research is the epitome of a lazy appraiser.   

In response, we provided more accurate comps that justified the sales price, but he refused to reconsider.

Our bank reviewed his appraisal and literally laughed -- with the bank manager familiar enough with the market and area to know that James was way off the mark.  They immediately ordered a new independent appraisal, and not surprisingly the value came well above the asking price.

7 months later, our home has significantly appreciated, as well as the other homes in this area, which further reinforces James Nicholson's complete incompetence during his evaluation of our property.  Unfortunately, this cost us two appraisal fees.

So, if you want an appraiser that will charge you a $500 premium to use Zillow and not utilize any common sense, go with this guy.  

* this reviewer has be with this appraiser for 6 months - 1 year
* this reviewer had 1 - 2 dentists before.
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