DOTTERMAN INC

Dotterman Inc were very responsive on the phone and in scheduling an appraisal. Their process was very thorough going down to the structural/ electrical/ water diversion/ and general market knowledge of the area. I felt as though I had received an electrical engineer and structural engineer in one package based on the level of information I received in chatting with Mr. Dotterman, and based on the report that was finalized. Thanks for your help.

Mr. Dotterman arrived at the scheduled time (from an office over 20 miles away on the other side of town). Mr. Dotterman, who has an SRA (Senior Residential Appraiser) designation, was pleasant enough, as he went through our home; however, he made a few comments that raised a few red flags (like putting our home in a different community and not understanding the market for our home). He mentioned that he wouldn?t compare our home to homes on the other side of the neighborhood, which are similar to our updated home, because the highway was in their backyards. Because of a large remodeling project and a refinance, our home has been appraised twice in the last 9 years; the estimates (in 2001 and 2003) by two different appraisal companies were almost identical. We were well aware of the ?housing slump? nationwide, but from all we?ve heard (and according to a recent Enquirer story) homes in our area were moving better than elsewhere. Our expectation was that our home would be slightly above its previous two appraisals?but were we unpleasantly surprised, and quite frankly, stunned, when we read his report. First of all, he got the total number of rooms in our home wrong (there are 11 not 10, Mr. Dotterman!). The comps chosen by Mr. Dotterman were all smaller homes: one was 36% smaller and another almost 40%; another had 2 less bedrooms, the rest one less; and one backed up to the highway! None were from our community or in our school district. He only looked at homes in a narrow price range, below the expected range of our home (according to MLS), suggesting that he had ?made up his mind? before doing any research. His appraisal was 15% less than the previous two, and well below the MLS estimated lower bound. Needless to say that, as a result, the loan fell through. Our mortgage lender contacted Mr. Dotterman over a week ago, but as we understand, he has not called back. Looking back, we wish we would have insisted that the appraiser be more familiar and lived or worked in the area. It?s true, we are extremely disappointed and upset?we?re not only out $275, but we?ve lost out on saving tens of thousands of dollars (since interest rates are now creeping back up), because Mr. Dotterman, apparently, did not do his homework. We would strongly recommend that when looking for an appraiser, most importantly, you find someone who is familiar with home values in your area (and not just someone with the apt designation).