ED Magedson – Founder
Allstate Appraisal Associates, Inc.Post Office Box 1829 Mooresville, NC 28115 Mooresville, North Carolina USA
Allstate Appraisal Associates, Inc. Philip C. Jernigan, SRAAllstate Appraisal Associates, Inc.Post Office Box 1829Mooresville, NC 281 Unfair Evaluation, Appraiser uses KNOWN FORCLOSURES and DISTRESSED SALES regardless of homes with REGULAR SALES within range for appraisal evaluation!!! Mooresville North Carolina
On 7/1/2013 I ordered an appraisal for my home in order to do a refinance. Our house is a two story, two car garage house with 2182 square feet, built 2008 on almost a full acre. On 7/10/2013 Allstate Appraisal Associates, Inc. was the company that was sent out to do the appraisal. When Phillip (the owner of the company) was at my house I told him that the house RIGHT NEXT DOOR was just recently built and sold and that it was a comparable home with almost the exact same layout as our house. It had approximately 170 square feet more than our house and sold for $195K on 1/23/2013. He said he would look for that home and also other homes in the area of similar size that had sold in the last 12 months.
On 7/29/2013 the appraisal was sent to my lender and my home was valued at $163k, which is at least $15k lower than its actual value. The housing market has greatly improved since we purchased out home in 2008 and in 2008 it was appraised at $177k. [continued below]....
One home was a sale for $217K in a neighborhood 3 miles away, and is smaller in square-footage.
Another home was one that was outside of our neighborhood at the end of the road which is a one story one car garage and 1558 square foot living space. This house was built in 2010 and never sold until 3/2013, the builder sold this home at a price to get his material cost out. It sold at $137.5K and is considered a "distressed sale" being long on the market with no sale and being a "spec home".
The last home the appraiser used was just a few house down from my home and was repossessed on 2/26/2013 and sold as a FORECLOSURE 4/25/2013. This house is 1720 suare feet. This information was readily accessible to the appraiser on Truila. Not to mention that I told the appraiser this was a foreclosure.
Dispite other reasonable sales and more comparable sized homes in the area and in proper time frame, the appraiser used these homes to make an unfair and incorrect valuation of our home. Again, the House RIGHT NEXT DOOR sold for $195k this same year and another house within half a mile sold for $171K on 2/1/2013(this house is similar in size to the one story, one car garage house but had a two car garage and was larger in size making it a closer comp to our house). It also was less than 1/8 mile from the same house which he did use at the end of our street.
I called the appraiser and he said that he would consider information that I sent him. I sent him the listings of the sales of the homes next to mine and the last one I listed here in this report. I never heard back from the appraiser even after several phone calls. My lender was finally able to reach Phillip @ Allstate Appraisal Associates and Phillip told my lender that he would not consider the house next door (regardless of where it was or its being comparable to my house in a much truer comparison.)
The lender received another appraisal from Phillip and he increased the appraisal to $170K. He added the house that sold for $171K, but he also INCREASED THE SQUARE FOOTAGE of the FORECLOSURE to change it from 1720 to 2120 squarefeet even though on the realty site it is listed as 1720 sq/ft living space. This was seemingly done to make it more comparable on his report.
With this being done I am out the $400 for the appraisal and lost my chance for a refinance option because the percentage of loan to value is not correct to normal sales in my neighborhood and surrounding areas for comparable homes. The only house comparable in size used on the report was a FORECLOSURE when there was a NORMAL sale around the same time that is almost the same size and layout which sold as a regular realty sale at $195K. This company is devaluing homes in the market without proper considerations and outright rejects appropriate and factual information and this is damaging the housing market!
This report was posted on Ripoff Report on 08/05/2013 03:41 PM and is a permanent record located here: http://www.ripoffreport.com/reports/allstate-appraisal-associates-inc/mooresville-north-carolina-28115/allstate-appraisal-associates-inc-philip-c-jernigan-sraallstate-appraisal-associates-1073278. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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