JACKSON-WILLIAMS APPRAISERS

This appraiser had written an appraisal for the same building about 8 years prior when said building was under renovation. We deemed the valuation of the previous appraisal to be low, but thought that it was because (1) we were living in the building at the time doing renovations (thus residential comps were used), and (2) work was not yet complete. Unfortunately, at that time, we did not review the appraisal in detail and therefore did not discover at that time the serious flaws in methodology. When the new appraisal arrived, we noticed that the appraisal valued the building roughly the same as the previous appraisal (the building now houses a lucrative restaurant, a wine shop, a lodge, and a parking lot in Harpers Ferry National Historical Park). This was surprising, and led us to take a hard look (this time) at the methodology used by the appraiser. There were numerous errors and methodology problems, including (1) grossly obsolete (up to 10 years old) area information (in a rapidly changing area), (2) an arbitrary and unjustified reduction of actual rental income for the property, (3) an inconsistent application of Gross Building Area whereby partially below ground areas for some comps were included in GBA while excluded in other comps and the subject property (this area in the subject property that was excluded happens to be a 170 seat restaurant!), (4) inappropriate comps used for the retail space (modern residential strip mall v. historic tourist area), (5) inconsistent application of different income analysis methodologies, etc., etc., etc. We informed the appraiser of our concerns, however he stated that he worked for the bank only. We advised him that the WV State Appraiser Review Board allows the consumer to file a formal complaint in this situation, to which he replied that he was not concerned as they were his friends. We filed a 20 page complaint to the board, to which the appraiser responded in his own defense. We responed with an additional 15 page supporting complaint. The Board replied to us months later that there was "insufficient evidence" to hold the appraiser, C. Michael Williams, accountable. The Bank of Charles Town, however. refunded our $2500 dollars after requiring us to sign a release of all claims against the bank. As of this time we have requested that the Board, through "Freedom Of Information Act" show us all information as to how the Board decided that there was insufficient information. The Board has been very slow to respond in this process and we are ready to send a formal complaint to the Governor. We have lost significant money in long-term interest savings since we could not refinance the building due to this appraisal. Additionally, this appraisal has cost us much time and money in legal and professional services. Furthermore the appraiser's poor appraisal and devaluation of the building is frustrated by the fact that the local tax office has raised the building value and taxes annually for the previous several years - and that number exceeds the appraised value.