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Report: #1481230

Complaint Review: APT Appraisals William Robinson chief appraiser - Seattle WA

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  • Reported By: Wendy Wood, managing member, Rainier View Homes, LLC — Seattle WA United States
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  • APT Appraisals William Robinson chief appraiser 100 W. Harrison, STE N230 Seattle, WA United States

APT Appraisals William Robinson chief appraiser APT Appraisal provided extrememly inaccurate appraisal--worst I have seen in 40 years in the RE Biz Seattle WA

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About a month ago, I engaged Luther Burbank Savings Bank (LBS) in a permanent loan for 11 level 4 green 1300 sq. cottage homes in Seattle.  The average rent is just until $3,000 per month and there is a waiting list to rent the very attractive homes.  We also collect $120 per month in common area expenses as the landscaping is lush.  Bill Robinson, the appraiser, had never heard of this. 

This should have been a warning to us.  Bill is definately out of touch and should be avoided, provided a totally inaccrate appraisal--and cost us the worst lending experience we have ever had.   We are asking for his $3,500 fees back from LBS as what he wrote is not accurate and highly conflicted re the other 3 appraisals that were completed

We did pay an extra $1,000 to "expedite" the appraisal as our construction loan is June 30, 2019. LBS issued a Letter of Interest (LOI) for a $4,200,000 with a funding date of July 9, 2019.  We have never had an appraisal come below the value the loan officer uses in the LOI.  I was a mortgage banker in San Francisco for 20 years and have never seen such a mistake of an appraisal.

Bill Robinson was the only appraiser available on an expedited basis, we should have questioned why he was available and others were very busy in Seattle.  But we trusted LBS as we have financed many commercial properties in the past and rarely does an appraiser vary as wildly as Bill Robinson did--to the negative.

He valued the new property at a 5.5 cap rate--absurd for the quality and obvious rent preference.  That cap rate is more indicative of an older, in need of repairs, poorly location property--and certainly not in Seattle.

Two other appraisals were provided to Mr. Robinson, one recent at $584,000 per home by Brian Ahrens with Ahrens Appraisal in Seattle and the other, the intial construction loan appraisal done two years ago for $6,700,000 by O'Connor Consulting.  Another appraisal was done by the construction lender in December, 2018, to support a financing extension, by another appraisal that also provided a $6,700,000 project value.

Mr. Robinson, conservatively, arrived at a $4,700,000 total value--an incredible $2M less in value-- using comps that were not comps and a long gone cap rate of 5.5 on current income.  The 94 units we refinanced with Homestreet, located next to Rainier View Homes, in 2016 provided an appraisal that used a 4.5 cap rate on Hillview which is a standard 1990s B quality apartment complex, not single family residences renting at $3,000 per month. 

Even a complete novice could determine the value.  The cap rate should have been at highest, 4, not 5.5, that hugely affects value and is not accurate, it is irresponsible.  Conversations I have had recently with high level Seattle brokers who know appraisers are that they avoid APT, hence most likely the reason they were available.  I will do all I can to share our experience as we are well connected in Seattle.

Avoid APT Appraisals, they maybe available but they are incompetent.  LBS now offered us an adjusted loan, at the last minute of $3,400,000.  That is $800,000 less that the original letter of intent.  So we have to start all over and we will make sure to avoid APT and run two lenders at the same time as our construction lender will charges fees to extent, cannot blame them.  Has been an expensive lesson.

 

This report was posted on Ripoff Report on 06/30/2019 08:29 AM and is a permanent record located here: https://www.ripoffreport.com/report/apt-appraisals-william-chief/seattle-wa-appraisal-provided-1481230. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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