I was very disappointed with the service we received from this company. We purchased a 2 family home for 600K in August of 2006, towards the height of the market. When interest rates came down, we refinanced in 2010 with a value of 565K. The market has make a strong comeback in the neighborhood and we decided to finance once again after seeing many single family home going in the mid 500's and 2 families in the mid 600's.
When John from E Appraisers came, he was brief and not thorough and I immediately expressed concern to the bank. Our appraisal came back at $530, about 100K off from what we expected. After spending an entire day going over the errors throughout the appraisal, we contested this with our bank. They had an internal team review our concerns and sent them back to E Appraisals for review. John stood by his calculation of $530. The assessment showed a total lack of knowledge of the market in our neighborhood, using comps in the next neighborhood where crime rates soar, houses sit on the market for much longer, and the schools don't perform on anywhere near the same rates.
Despite neighborhood market trends of home values going up 7-15% since 2010, our home somehow lost 6% in value since then. Something doesn't add up. Now we're out the money for the appraisal and have to start the process all over again with a new bank. What a waste of time and money. read more