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

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.