Ripoff Report Needs Your Help!
Report: #1514956

Complaint Review: Network Capital Funding Corporation - Irvine CA

  • Submitted:
  • Updated:
  • Reported By: Peter — Annandale Virginia United States
  • Author Confirmed What's this?
  • Why?
  • Network Capital Funding Corporation 7700 Irvine Center Drive, #300 Irvine, CA United States

Network Capital Funding Corporation Incompetent Appraiser: Buyer Beware of Low Ball Appraisal Tactics Irvine CA

Show customers why they should trust your business over your competitors...

Is this
Report about YOU
listed on other sites?
Those sites steal
Ripoff Report's
We can get those
removed for you!
Find out more here.
How to fix
Ripoff Report
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

I was fully approved with Network Capital Mortgage (NCM) for a refinance loan for my 3 bedroom, 2 bath, 1321 sq ft condo with attic storage (rare), garage (rare), and 2 parking spaces (rare) which I purchased in Oct 2019 for $375K.  Recent similar 3 bedroom, 3 bath, 1520 sq ft condo with attic storage, garage, and 2 parking spaces sold for $450K in Dec 2020.

The Appraiser, Discovery Appraisers, picked by NCM appraised my 3 bedroom 1321 sq ft condo as a 2 bedroom, 1221 sq ft, condo for $340K as compared to other 2 bedroom condo sales.  

My 3 bedroom condo was zoned, built, purchased and assessed as a 3 bedroom condo, at 1321 sq ft, with a garage.  Realtor who did Comparative Market Analysis (CMA) assessed the condo would sell for $405-425K based on recent sales of 3 bedroom condos.

Upon several appeals the appraiser raised the appraisal to $380K for a 2 bedroom, 1221 sq ft condo.  I again appealed.  The appraiser finally revised the # of bedrooms from 2 to 3 bedrooms and left the appraisal at $380K with comps for four 2 bedroom condos and one 3 bedroom condo.

NCM needs to hire qualified appraisers who know what they are appraising.  All online Zillow/Trulia evidence, Realtor CMA, and Fairfax County, VA public records indicate that I own a 3 bedroom (not a 2 bedroom), 2 bath, 1321 sq ft (not a 1221 sq ft. for 2 bedroom), condo, with a garage and 2 parking spaces, which should appraise for around $400K and sell for $425K plus.

I requested a new appraisal which was denied since NCM stated most second appraisals come out about the same as first appraisal and internal appraisal group thought the initial appraisal was sound.  NCM makes it very difficult for the average person to appeal the appraisal.

NCM then started pushing a lesser loan package that fit the appraisal however did not fit my refinancing needs.  I also put a stop payment on the appraisal for incompetence.  Unfortunately NCM makes it very difficult to challenge a bad appraisal.  Therefore I am now doing business with Mr Cooper. 

Buyer beware of NCM low ball appraisal tactics.

This report was posted on Ripoff Report on 01/04/2022 04:32 PM and is a permanent record located here: 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

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
Featured Reports

Advertisers above have met our
strict standards for business conduct.

What do hackers,
questionable attorneys and
fake court orders have in common?
...Dishonest Reputation Management Investigates Reputation Repair
Free speech rights compromised

Segment Now