am formally disputing the charge from Cardinal Financial for the appraisal conducted on 05/06/2016 due to incorrect appraisal form completion, a flawed market analysis methodology, and the appraisers’ inability to accurately classify and document living space.
Please accept this correspondence which will strongly support a conclusion that the appraisal conducted my Mr. Robert Holder for Street Links Lender Solutions is of sub-standard quality and is unreliable based on the following key components which contributed to the subject property’s incorrect assessed value:
• Neighborhood Description
• Market Conditions Addendum of Appraisal Report
• Room Classification/Plat Dimensions Neighborhood Description
Mr. Holder’s …show more content…
The inaccuracy of Mr. Holder’s neighborhood description resulted in him increasing the sample size used when he conducted the market analysis; therefore, the Market Conditions Addendum of Appraisal Report results which values would be used to adjusted sales prices of the comparable properties was incorrect resulting in a lower assessed value of the subject property. Market Conditions Addendum of Appraisal Report
The instructions in completing this section of the report require that the appraiser to assess housing trends and market conditions as reported by the neighborhood section of the appraisal report form. As you can observe from the two appraisal reports, there are substantial differences between the values listed in: • Inventory …show more content…
Holder’s neighborhood description and the market analysis conducted, Mr. Holders lack of due diligence by not completing an accurate neighborhood description predictably resulted in the inaccurate Market Analysis and applied comparable rate adjustments.
Room Classification /Plat Dimensions
Mr. Holder’s report incorrectly classifies two rooms in the lower level of the house. A bonus room is documented as a bedroom (though it has no closets) thus not meeting the definition of a bedroom, and a large bedroom with closets is documented as a “den”. The Floor Plan Sketch from Mr. North (photos- p.23 building sketch- p.25) and the Building Sketch from Mr. Holders report (p .17) will confirm this misclassification.
Mr. Holder’s report notes that plat dimensions are not available; however these are included in the second appraisal conducted by Mr. North. Mr. Holder’s describes the plat site as “irregular” but if Mr. Holder had accessed and reviewed the plat map, he would have seen that the property shape was rectangular. The plat map was not included in Street Links Lender Solutions appraisal; though noted with a “see attached”, a reference to plat description is referenced as “not
Please accept this correspondence which will strongly support a conclusion that the appraisal conducted my Mr. Robert Holder for Street Links Lender Solutions is of sub-standard quality and is unreliable based on the following key components which contributed to the subject property’s incorrect assessed value:
• Neighborhood Description
• Market Conditions Addendum of Appraisal Report
• Room Classification/Plat Dimensions Neighborhood Description
Mr. Holder’s …show more content…
The inaccuracy of Mr. Holder’s neighborhood description resulted in him increasing the sample size used when he conducted the market analysis; therefore, the Market Conditions Addendum of Appraisal Report results which values would be used to adjusted sales prices of the comparable properties was incorrect resulting in a lower assessed value of the subject property. Market Conditions Addendum of Appraisal Report
The instructions in completing this section of the report require that the appraiser to assess housing trends and market conditions as reported by the neighborhood section of the appraisal report form. As you can observe from the two appraisal reports, there are substantial differences between the values listed in: • Inventory …show more content…
Holder’s neighborhood description and the market analysis conducted, Mr. Holders lack of due diligence by not completing an accurate neighborhood description predictably resulted in the inaccurate Market Analysis and applied comparable rate adjustments.
Room Classification /Plat Dimensions
Mr. Holder’s report incorrectly classifies two rooms in the lower level of the house. A bonus room is documented as a bedroom (though it has no closets) thus not meeting the definition of a bedroom, and a large bedroom with closets is documented as a “den”. The Floor Plan Sketch from Mr. North (photos- p.23 building sketch- p.25) and the Building Sketch from Mr. Holders report (p .17) will confirm this misclassification.
Mr. Holder’s report notes that plat dimensions are not available; however these are included in the second appraisal conducted by Mr. North. Mr. Holder’s describes the plat site as “irregular” but if Mr. Holder had accessed and reviewed the plat map, he would have seen that the property shape was rectangular. The plat map was not included in Street Links Lender Solutions appraisal; though noted with a “see attached”, a reference to plat description is referenced as “not