Forsythe Appraisals ,Forsythe Appraisals goes against advice of the FHA and provides a Crappy appraisal St. Paul Minnesota
Forsythe Appraisals did an appraisal for a refinance of our house and used bank forclosed homes as comparable sales.
The FHA Wells Fargo and two other appraisal services were surpised that they would usebank forclosed homes to show comparable value and when Forsythe was contacted about this they said there was nothing they were going to do about it.
Forsythe has been very poor to deal with and abviously the ego of the person involved has gotten in the way of him deciding that his employee provided and a bad product and going back and fixing it.
I filed a report with the Better Business Bureau and in there response back they lied and said that they talked with the homeowner about the issue and that there was nothing more they could do. They lied to the Better Business Bureau. Thsi is how they perform business.
Forsythe is a company that has numerous branch offices throughout the US and it appears that they are just after the quick buck and don't care about providing a quality product. There are many Appraisal companies out there so do your homework and what ever you do, don't use Forsythe. Oh and tell all your friends also.
Medic965
Lindstrom, Minnesota
U.S.A.
2 Updates & Rebuttals
Brett T. - Marketing Manager
Little Canada,Minnesota,
United States of America
An explanation of Forsythe's valuation process
#3REBUTTAL Owner of company
Tue, November 24, 2009
Dear Homeowner,
I understand your frustration. Like many people in this challenging real estate environment, your ability to refinance, buy, and sell is being negatively impacted by market conditions beyond your control.
I have personally looked into your appraisal and found a number of things that may help you better understand how your appraisal was conducted and how the report was compiled. Your particular residential subdivision has been impacted fairly significantly by real estate distress. 60% of all listing and sales activity in your subdivision was under one or another form of distress, including foreclosure, short sale, REO etc.
Forsythe Appraisals was engaged by your lender to analyze your property, and an analysis of what is occurring in your subdivision does have a direct impact on your property value. This is clearly a neighborhood where distressed sales set the market value. A buyer of a home in your neighborhood, along with their realtor and lender, will have to consider and compare your home against these distressed options if they are doing their due diligence.
Even if your home is not suffering from any of the aforementioned forms of distress, the buyer is simply not going to pay more for your home than the comparable homes nearby, if the overall condition is similar. In fact, upon deeper review of your appraisal, I learned that we adjusted your home by $20,000 against any distressed sales to reflect your home in superior condition and marketability.
For 70 years Forsythe Appraisals has worked with lenders and homeowners to provide accurate, well supported appraisals for mortgage purposes. While we regret that you and many of us are being hurt by current market conditions, this is the reality we are faced with. There are signs foreclosures are slowing and that is the first step in stabilizing yours and many other neighborhoods. This is not a case of lack of concern or competency, but simple and unfortunate market realities.
I sincerely hope this provides some measure of clarity and understanding as to how your appraisal was performed.
President, Forsythe Appraisals, LLC
Robert
Irvine,California,
U.S.A.
Questions..
#3Consumer Comment
Tue, February 03, 2009
You are going to find it very hard right now for any company to give even the slightest apperance that they are over valuing a house.
So..
How many appraisals did you have on your home?
How current are these other appraisals?
How far off was this appraisal to the other appraisals you received?
If your answer to this is you didn't get any other appraisals then how do you know it is a RipOff and not just a case of not getting what you wanted?