Consumer complaint received 2024-08-12 00:00:00
Product: Mortgage — Other type of mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Negative impact of inaccurate appraisal
Company: STATE BANKSHARES, INC.
State: NM

Complaint narrative:
On XX/XX/XXXX XXXX XXXX XXXX, an appraiser, came over to appraise our property at XXXX XXXX XXXX, XXXX XXXX, NM XXXX, hired by Bell Bank in XXXX XXXX, NM. My husband and I and our XXXX teenage sons were present. XXXX XXXX chatted with my husband and resumed his observation of the property. He then asked if we would email him the specs of the home, as we did on XX/XX/XXXX. We didn't hear anything for quite some time so my husband reached out asking XXXX XXXX when he'd submit his appraisal. He informed my husband that he hadn't received it yet. On XX/XX/XXXX my husband resent it and had to talk him through how to find it. Again we waited for XXXX XXXX to submit his appraisal price. 

My husband spoke with XXXX XXXX ( Vice President- Construction Sales Manager ) on XX/XX/year> and he said that XXXX could not give an accurate appraisal without the detailed specs on the items that we plan to purchase/provide outside of the construction contract. So we immediately began gathering the detailed specs on the items we plan to provide outside the construction contract. 

We were notified on XX/XX/year> that XXXX had submitted his appraisal to Bell Bank and it was reviewed by their construction department with an appraised value of {$470000.00}. XXXX XXXX XXXX has the property assessed at {$490000.00} with the land and structure. 

My husband spoke with XXXX on XX/XX/year> and expressed concern that XXXX could not have provided an accurate appraisal since we had not provided him the specs of items being provided outside the construction contract. 

My husband spoke with XXXX again on XX/XX/year>, expressing concern for the accuracy of the appraisal given that we never provided the specs for items provided outside the construction contract. XXXX asked me to provide her with the specs we have gathered. 

On XX/XX/year>, before we submitted the list of provided items outside the construction contract, XXXX notified us that she spoke with XXXX XXXX and that the items would only provide additional cost and would not influence the appraisal. She shared that Bell Bank is not interested in a second opinion on the appraisal since they believe it would not likely change the appraised value. 

In my search to get answers, I found that XXXX XXXX has been sued for this exact reason, NM case # XXXX, XXXX XXXX. Before moving forward with our complaints, I did ask my fathers opinion. He assisted in writing the Human Rights policies for the State of New Mexico and I wanted an educated opinion. It turns out my father has his own story about XXXX XXXX. Years before XXXX XXXX was hired to appraise my parents home. To make a long story short, XXXX XXXX asked my father how much he needed the house appraised for. XXXX XXXX 's appraisal came in quite lower than what my father had mentioned. My father did get another appraiser and that appraiser came in well above XXXX XXXX 's. 

We're obviously outraged, confused, and now without a Bank because of this man 's incompetence. I'm not sure if this is a case of incompetence or discrimination. But I do know that there has been an egregious misconduct on XXXX XXXX 's part and Bell Banks. When he couldn't find comps he should have used specs to get his numbers. I assume XXXX XXXX and/or Bell bank thought we would just go somewhere else. But I want answers and justice for lost time and finances.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation