The PROVISION GROUP, INC

To Whom it May Concern: This notice is meant to convey the facts and discrepancies in the refinance appraisal process for our property located at ...*hidden for privacy*.... The appraisal was completed by William H Fleming, III, of the Provision Group, Inc. As demonstrated by the following, this appraisal is materially and substantially inaccurate, and leaves the professionalism and qualifications of the appraisal provider in serious doubt: The appraisal report lists each of the two units as 2-bedroom residences, and the appraiser’s notes state that each basement has a “possible 3rd bedroom,” but there is “no legal egress.” The fact is each basement bedroom has a legal egress window, which we installed less than two years ago, after purchasing the building. These legal egress windows are visible in the appraiser’s photos attached to the subject report. All of the appraiser’s rental comps, and all but one of his sale comps, are 2-bedroom residences. As indicated above, this building is a duplex in which each unit has three legal bedrooms, with egress and closets. Page 1 of the report, Amenities, next to “Fence,” indicates “none.” The fact is each unit has its own private, fully fenced backyard, with brand new 6-foot cedar fencing. There is also chain link fencing along the entire north side of the property. The fencing is visible in the appraiser’s photos attached to the subject report. Page 1 of the report lists total square footage as 1817 sqft, with about 900 sqft., per unit. The fact is the total square footage of gross living space in the building is approximately 2400 sqft. His calculations are incorrect by approximately 30%. The main level in each unit is approximately 900 sqft., and when combined with the basement living spaces, is about 1200 sqft per unit. He lists the basement as 731 total sqft., with 80% finished, but neglected to include this 80% in his total calculation for the building. A little over a year ago this property was appraised for ...*hidden for privacy*.... At the time of that appraisal, all of the current tenants were still in the property, paying exactly the same rents. Since that appraisal, we have spent tens of thousands of dollars on improvements to the property. Details of these facts, including the previous appraisal, were provided to the appraiser prior to his site visit. The appraiser must also be aware that market inventory is still at an all-time low, and price growth in this market has continued unabated over the last year. Nonetheless, this appraiser has valued the property at ...*hidden for privacy*... devaluing it by more than 5% over the same period. On Page 2 of the report the appraiser notes that “Listing Broker has yet to respond to calls for verification/why the increase” in purchase price to ...*hidden for privacy*... from list price of ...*hidden for privacy*.... The fact is the appraiser also failed to question either us or the Buyer’s Agent on this matter. Failure to communicate has been a recurring theme. The appraiser’s failure to communicate and provide timely service to the lender and the borrowers has greatly exceeded what one would consider reasonable, even in this time of heightened demand for service: The site visit was scheduled for and completed on 3/2/21. On 3/4/21 the appraiser informed our mortgage broker that his report would be submitted by 3/8/21. It was not, and on 3/9/21 I left a voicemail directly with the appraiser to inquire. I received no response. On 3/15/21 our mortgage broker was informed that the report would be submitted by the next day, 3/16/21. It was not. On 3/17/21 our mortgage broker was informed that the report would be submitted by 3/20/21. It was not, and on 3/22/21 I called the appraiser directly to inquire again. I received no response. Later on 3/22/21 our mortgage broker was informed that the report would be submitted by 3/24/21. The report was received on 3/24/21 (with all of the inaccuracies noted above), but the mortgage broker informed us that the appraiser has still not completed his duties in this matter. They are still waiting for him to submit another form, and his work continues to be the only item preventing this loan from closing. It is my sincere hope that the failures enumerated here will be given serious consideration, and that the appropriate authorities will give renewed consideration to the qualifications of this appraisal service provider.