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Unfortunate client of Adrienne KalpinI started the refinance process of my townhouse in August of 2011 and was approved by my credit union. They arranged to have Adrienne Kalpin come to my home. We made an appointment and she no showed. I phoned her, got her voicemail, she did return my call and complained about her heavy workload which I found unprofessional. We made another appointment, she was finished in about 20 minutes and again complained about her workload. This was a good indicator she may not do the necessary research to get an accurate appraisal.
I received a call from my loan officer, that the appraisal came in very low at $365,000 and I would have to come up with more money in order for the refinance to go through. I know that similar properties in my zip code had recently sold for over $500,000 so I searched on Realtor.com and sent both my loan officer and Adrienne a list of condos/townhouses which had closed recently in September. There was also a unit in my complex identical to mine in square feet and layout which was on the market for $545,000 and I gave both of them a heads up of the expected close date. It did close the end of September for $536,000 and I alerted both my loan officer and Adrienne in early October that the unit closed and this comparable is in my complex. I did not receive a timely response when I notified them that an identical unit in my complex closed for $170,000 higher than the appraisal. Adrienne eventually returned an email stating that the comparable unit in my development was "superior", however, it would not make a difference of $170,000. Apparently, she does not understand that location and comparable properties is what is most important when appraising properties.
The explanation I received as to why the original appraisal was so low was there were very few comparables, the only two in my complex to sell in 2011 were 720 square feet, my unit is 1,353 square feet. Adrienne did not bother to search for comparables in my zip code.
I made it clear that I wanted the appraisal to be conditioned, especially when the unit in my complex closed, I did not want to pay more money to refinance because of an incompetent appraiser.
By this time, the rate lock was going to expire soon. I called my loan officer and he said the appraisal had been revised upwards to $395,000.
By this time, I was at my wits end with both the credit union and Adrienne and I wrote a complaint to the president of my credit union.
To their credit, they acknowledged I got a bad appraisal and agreed to refund the appraisal fee and this attempt to refinance was killed.
For personal reasons, I decided not to try again until 2012. I started the process in mid-March and just had an appraisal last week.
The appraiser who came out was more expensive than Adrienne, but it was clear he knows my market and will do the research to get an accurate appraisal.
Just got the appraisal report a couple of days ago, and my property appraised at $560,000, around $200K more than the appraisal conducted by Adrienne last August. An interesting note, my property appraised higher than the selling price of the "superior" property that sold in my development last September.
Please avoid Adrienne Kalpin at all costs! Its worth it to spend more $$ on an appraiser who knows what they are doing.