- Report: #1519391
Complaint Review: Central Property Appraisals - Norristown Pa
-
Author Confirmed
Why?
Central Property Appraisals
9 Lawn Ave. Suite 400 Norristown, 19403 Pa, United States
Phone:
48406820912
Web:
www.searchandtitle.com
Categories:
Business Rating:
(1)
Tell us has your experience with this business or person been good?
Central Property Appraisals Gregory Veith Appraiser Gregory Veith Careless Appraisal Destroyed Our Home Equity Line of Credit Norristown Pa
Report Attachments
Pertinent area comps/home upgrades list
Gregory Veith appraised our house during the process of getting a home equity line of credit. Bank originally gave us an appraised value of 600K, but knowing the market and having sold a number of homes in this vicinity we decided to hire an appraiser as values, along with current supply and demand dictate a much higher value for the property, given the mode, location, and extensive interior and exterior upgrades.
A lazy, undervaluing apprisal was done, destroying our chances of getting a decent home equity line of credit after MONTHS of work with the application and jumping through extensive hoops. When the apprisal came back at 565K, we supplied extensive documentation justifying a higher apprisaed value, along with the list of upgrades done to our home in the past 3 years demonstrating significantly more value than comparable areas sales that sold in the older part of the community for 590K, and areas within 5 miles that sold more over 600K.
Greg was not interested in the documention provided to him, and decided to stand by the unjustified finding in his appraisal report, ignoring the obvious immediate neighborhood sales, local (within 5 miles) comparable sales, and the detailed list of upgrades provided to him. He has done us irreparable damage with respect to our home's equity and subsequent line of credit we were approved for, and should be considered a danger to the consumer who pays $500 in good faith for a home appraisal.
We would like our money back, and for him to explain to the credit union that holds our application that an error was made, based upon obvious ommission of relevant comps and upgrades.
