- Report: #677833
Complaint Review: The William Craig Company Inc. - Bothell Washington
Reported By:
Chris -
Federal Way, Washington, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
The William Craig Company Inc.
20609 39th Ave SE Bothell, 98012 Washington, United States of America
Phone:
253-867-0800
Web:
Categories:
Business Rating:
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The William Craig Company, Inc. Paul Edward Kalmar poor appraisal quality, missed applying basement Fannie Mae guidelines correctly, no knowledge of high end new construction or any construction in the city of Seattle, refused to correct report. Bothell, Washington
Extremely poor appraisal quality, missed applying basement Fannie Mae guidelines correctly, no knowledge of high end new construction or any construction in the city of Seattle. Paul Edward Kalmar assumed building grade lower than spec home quality construction that no one can even do around in the city, maybe out where he's from. They were off by 45% from actual construction costs and I verified that by ordering another accurate and competent appraisal. Yet they wouldn't reconsider any of my detailed comp and numerous technical errors that I raised. Of course not, they are always right. Appraisers as an industry are the worse, for years they matched the sales prices of booming real estate without any honest analysis, and now the pendulum has swung to the opposite, still no analysis, but pick the lowest value within 10 miles and fill in the computer program. In my opinion, I recommend anyone AVOID these guys and AVOID BECU for construction loans. Get someone from the actual city of Seattle.
1 Updates & Rebuttals
Danielle
Washington,United States of America
Issues with this Dispute
#2UPDATE Employee
Fri, February 04, 2011
The William Craig Company, Inc. did NOT receive any information regarding a dispute from the borrower or the lender. Paul Kalmar has been appraising in the Seattle area for years, and is very familiar with new construction and high-end homes. The construction costs provided included items that would not be considered in the Cost Approach section of the appraisal. Items on the Cost Approach are also broken out differently than a builder might break out costs.
Simply having a second appraisal done that hits your targeted value is not an indicator that the second appraisal is more accurate than the original. The values included in appraisal reports areopinions of value; each appraiser is allowed to have their own opinion of value, and they can be within a certain range of difference.
Our appraisers do not "pick the lowest value within 10 miles." Please verify your accusations before you make them.
Please note that, due to the current economy, building a high-end home in this market is a risk. Most of the high-end construction coststhat we've seen have not been readily supported by sales in the area. This is similar to why home builders have significantly slowed or stopped building homes; the cost to construct them is more than they would sell for in this market.
