Here is my post from May. We got stiffed by 24-hour Appraisers working for Citibank:

Refi is great in theory but difficult in practice. We just tried to refi out 2BR with Citibank and got an appraisal 100K less than we paid for the place in 2003 and less than 60% of the appraisal from a 6-month old refi!

When our mortgage broker asked the bank what was going on it turned out the appraiser was based on Long Island and was utterly unfamiliar with Brooklyn real estate and the concept of 4-unit co-ops. They based our appraisal on a fire sale of an apartment less than half our size.

So now we're out over a $1000 and over two months time and still paying a mortgage over a point above market

Posted by: Brettson at September 28, 2009 5:40 PM in response to Appraising the Appraisers

I guess horrific service counts as a crime now.

Seriously, they could never get me my check. Good riddance.

Posted by: Brettson at September 8, 2009 4:34 PM in response to Streetlevel: Provence en Boite Shuttered by DCA

Awesome block, totally worth it.

Posted by: Brettson at July 21, 2009 1:45 PM in response to House of the Day: 455 Henry Street

They draw as many pictures as they want but this things never going to be built.

Posted by: Brettson at June 9, 2009 9:56 AM in response to Ouroussoff, Tell Us How You Really Feel

My guess is the appraisal will be way lower than you expect. That's what happened to us with Citibank. They based our appraisal on an apartment half our size that happened to be two blocks away.

When the banks want to lend again, voila, all the appraisals will magically go up.

Posted by: Brettson at May 22, 2009 1:08 PM in response to Chase Turns Off Our Spigot—For Now at Least

Did Cory also predict the sun would rise in the east tomorrow and that if you drop a hammer it will fall?

Anyone could see this coming for over a year. Good luck, Newark!

Posted by: Brettson at May 15, 2009 10:44 AM in response to Booker Again Predicts Nets Won't Make It To Brooklyn

Petunia: According to our broker the big change is that banks not brokers pick the appraisers now. Obviously in both cases the appraisers know who is paying their bills and they act accordingly. While I don't believe the value of our apartment went up 50% I don't believe it went down 20% either.

I have heard other people have had issues with recent Citibank appraisals (We got 24 hour Appraisers) undervaluing properties. Not sure what if anything we can do.

Posted by: Brettson at May 14, 2009 12:53 PM in response to Refinancing: How Sweet It Is

Refi is great in theory but difficult in practice. We just tried to refi out 2BR with Citibank and got an appraisal 100K less than we paid for the place in 2003 and less than 60% of the appraisal from a 6-month old refi!

When our mortgage broker asked the bank what was going on it turned out the appraiser was based on Long Island and was utterly unfamiliar with Brooklyn real estate and the concept of 4-unit co-ops. They based our appraisal on a fire sale of an apartment less than half our size.

So now we're out over a $1000 and over two months time and still paying a mortgage over a point above market.

Posted by: Brettson at May 14, 2009 12:26 PM in response to Refinancing: How Sweet It Is