Precision Valuation

The process started out fine. The scheduler was friendly over the phone. The appraiser called me to let me know when he was on his way, and he was quiet but friendly. I walked through the house with him and explained various upgrades and other changes we had made to the house over the past few years. About a week after the walk-through, we received the appraisal report. The house was appraised much lower than we had expected, even knowing it would be low, given the state of the housing market. I reviewed the report closely and found there were several mistakes. He listed the house overall and the kitchen specifically, as "not updated," which is defined as not having been updated in the past 15 years. During the walk-through, I had explained that we had gutted and remodeled the entire house, including the kitchen, in 2005. The comparable properties he used were questionable, as well. The sale price of one was listed as $7,000 less than it had sold for. Another comp he compared it to hadn't sold since 1964. Through our lender, we filed a dispute of the appraisal. Our Realtor provided several more appropriate comparable properties, and we provided the mistakes about the house that had been included in the report. It took the appraiser a full month to review our information and issue a new report. He made no change whatsoever in the appraised value of our house, despite the inaccurate information he had used to appraise it initially.