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by Keith J
IncompetentUnfortunately, you don't get to pick your appraisers. Well, if someone from a mortgage company or FHA or VA can choose not to do business with an appraiser, then please do not do business with Brown Appraisal Team. They are grossly incompetent. We had our home built three years ago and it was appraised at $215,000 at that time. We are now selling and over the last three years we have installed over $25,000 worth of upgrades including wood, custom cedar patio, outdoor kitchen, wood floors, custom paint, custom chandeliers, etc. The geniuses at Brown Appraisal team appraised our house at $220,000. Hold on here - over a three year period and with $25,000 of true upgrades and the big increase in real estate prices in texas - and you only value the home at $5,000 more???? The selling price was $255,000 of which we had three offers at selling price, yet the appraiser thinks the value is $35,000 less than current market value??? Do you think the realtor did not look at comps when setting our selling price?
In addition, the comps used were in a first phase development of the neighborhood where no upgrades were included. The phase that we built in was phase 5 when a ton of upgrades were being built in.. such as granite, stainless double ovens, tech shield, 42" custom cabinets, too many to list. Versus the comps he used. - In addition, the builder that built those homes that he used as comps does not even compare to our builder, literally.
We submitted comps we used when pricing the home that were on the same street and were built in the same phase as us, that completely justified our selling price, but he didn't use them. Why? because he said they were too small of homes.
Question is how can the real estate market retreat by $35,000 over 6-9 months in a development where 77 new construction lots just sold in 2 months?
This valuation and thinking lead me to believe Brown Appraisal team is grossly incompetent of determining real estate value and determining different phases and construction practices within a long running development. Lastly, Brown Appraisal Team is inept at noticing any real estate trend and should have their license revoked or have all of the lenders deny their services.