Consumer complaint received 2018-10-16
Company: AXIA FINANCIAL, LLC
State: NV
Product: Mortgage
Sub-product: VA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
Upon receipt of the appraisal done by XXXX XXXX XXXX XXXX XXXX XXXX XXXX in XXXX Nevada for the home we were purchasing we noticed several mistakes by the appraiser on the condition of the home as well as other errors such as adding things the home did not have and omitting things it did which were obvious in the photos in his report. Appraiser also used comps that were not inline with our home when there were several that did and their sale dates were not that far away. He even used on in a different town on the other side of the mountain where home and land values are much higher. 
We immediately contacted both our realtor who was shocked at the appraised value as she has closed on several home here in the last month or two. We also immediately contacted XXXX XXXX of XXXX XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX, XXXX NV XXXX. ( Corporate : XXXX XXXX XXXX XXXX XXXX XXXX XXXX WA XXXX ), with the following email XXXX XXXX XXXX To XXXX XXXX CC XXXX XXXX XXXX XX/XX/XXXX at XXXX XXXX Sorry to email again but I do not know what happened to the body of the email as it only sent the pictures. I am doing it from desk top now instead of phone. 

This is to inform you that we dispute the recent Appraisal done on the XXXX XXXX XXXX property as there were many things over looked and not noted or mentioned in the report. 

To start and these 2 items have no bearing on value but are mistakes nonetheless. 
On page 1 appraiser has Owner Occupied check when he was told that we are the tenants. Also on page one he references Ownerwould pay {$390.00} towards Home Protection Plan when it is {$590.00} in the contracts. 

Ok on to the mistakes that effect the value of the home : Page 2 of appraisal Exterior condition Skirting : is marked NONE when there is skirting as his photos and ours indicate. He also had to remove door that is attached to skirting to get the photo of under the house. 
Roof Surface : is marked good with no notation of patch 's both front and back. 
Window Type : marked good. No mention of sand and silt in between window panes or cracks and missing pieces of vinyl frames as indicated in pictures supplied by us andour realtor. 
Screens : marked good with no mention that 1 screen is missing and several are just the screening material stapled to the decorative wood window trim. Pictures provided Doors : marked good. Not mention of 1 inch gap under front door which allows the elements into the home and has caused damage to floor and door frame as well as door. No mention as to patio door not closing properly as was discussed with him. again pictures provided. 
Patio/Deck and Porch : He has indicated them as covered. Neither is covered as indicated in the photos. 

Interior Conditions Floors : Marked good. No mention of damaged floor at front door or gaps in hard wood floor due to bad installation. 
Wall : Marked NEW. They are original and 20 years old. 
Bath Floor : marked good, no mention of rips, or small pieces missing from master bath or lifting out from under baseboard. 

Appliances : He was told 2 times that ALL appliances belonged to us the tenants and were not the owners! 

Septic : As indicated by the photo attached the pipe has an issue that has been ongoing from since the previous owner. the pipe from the house to the pipe for the tank is exposed and comes undone. Picture attached. 

As to the Comps that were used ; we would like to know why REO were not used as they are a big part of listings and sales here in XXXX XXXX. 

Comp # 1 : Why is there no mention as to the extras of this property such as arena, paddocks, stalls, tack room, bunk house etc. Or the overall better condition of the home. This house brought a higher sale price due to the fact that it was anequine property but no mention of that in the comps. 

Comp # 2 : New exterior paint and interior flooring to name a few. 

Comp # 3 : This house is not even located in XXXX XXXX but in XXXX XXXX that is on the other side of the mountain 20 min away and which is a different market, homes and land there valuefor more then XXXX XXXX. There are no photos of the inside. This home also sits on a slab. 


One House that could have been used and which is less then a football field away is XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX -- XXXX This home was fully rehabbed and sold for XXXX on XX/XX/2018. 

To say that we feel that we paid for an appraisal that was full of errors is an understatement. It is almost like he appraised someone else 's home or did a drive by. 
If we were to accept this appraisal it would falsely inflate and give wrong home value to future sales here in XXXX XXXX for surely 1 day this home will be used for a comp on anothersale. We are asking to either have this appraisalcorrected to show true condition and value as well as the comps used to show the extra amenities and conditionand or new comps that more closely align with our home so as not to give false inflated home values which would be unethical and bad business. 

I will send photos separate as they are on my phone. 

Our realtor emailed XXXX at Axia also with photos of our home to show the issues Mr. XXXX lied about in his report as well as better comps. She also talked with the office manager at XXXX XXXX XXXX XXXX and was told " we owe you nothing. '' Axias response was " we are not going back to the appraiser '' " that we would never get a new appraisal or a reduction of value. '' This came from the underwriting manager at Axia. 

That was all we were asking for, a corrected appraisal and a reduction of value based on accurate comps in the area as what was being used would falsely inflate future home sales in the area as our home would be used as a comp one day in the near future. 

we were held hostage by XXXX XXXX XXXX to go thru with the sale of an over valued home based on a faulty appraisal. If we walked away we would lose several thousand dollars and also have to pay Axia a termination fee. Money we could not afford to throw away. So now we are paying a mortgage on a home that if appraised today, less then 30 days after closing and less then 60 days from appraisal would not come in even close to what XXXX XXXX valued it at. 

XXXX XXXX XXXX Appraisers could careless they made HUGE mistakes on the appraisal and will send the market here in XXXX XXXX in the wrong direction, they got paid what do they care. 
XXXX XXXX XXXX did not want to correct this as they make money off of the sale price and really what do they care they are going to sell it in 30 days. It is us the home owners that are left to pay for unethical and bad business practices, the same that got the housing market in trouble a few years back.

Company public response: Company believes complaint caused principally by actions of third party outside the control or direction of the company
Company response to consumer: Closed with explanation