Marcia Novak

Unprofessioal appraiser-Don't use
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by sunfan227, Aug. 07, 2013

This appraiser appraised the condo I want to buy. There are 21 recent closed sales in the same exactly condo but she chose to use 2 out 3 comps that are outside the building! both comps have granite counter, S&S appliance and hardwood floor allover, with my unit only vinyl counter, old appliance and carpet. How is that comparable?

And the first draft report she mistakenly write 1 parking instead of 2 spots and gave $10000 upward adjustment. I verified with building manager there was actually 2 parking spots. This showed that she doesn't verify the data she is using. I asked her to revise this, she did remove the $10000 adjustment.

Then on second draft, she switched the first 3 comps and chose to use 2 comps both in another building which had a much higher sales price to do the valuation, of course the final value didn't even change a dime although the $10000 credit was removed.

The whole process makes me feel that she is trying to "appraise" this unit value to exactly the same as the contract price. She is supposed to value every unit objectively not affecting by the contract price whatsoever. She won't listen to her client's comments and the worst is she doesn't follow the guideline by choosing the most comparable comps to do the study. She should study the guideline again.

* this reviewer has be with this appraiser for <6 months
* this reviewer had 3 - 5 dentists before.
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