What a nightmare! His low ball appraisal caused my loan to fall thru. If he is the appraiser, find another lender immediately !
We've learned the hard way that Paul Dotterman has too much power. The home selling process resides with 1 person's OPINION and when refuted with facts he still holds all the cards. He appraised our home last week so our sale could move forward. We were not trying to profit from our home, only trying to receive a fair market price. His appraisal was not a fair market price and has hurt everyone involved because he FAILED to take the natural market into consideration. 1. He used a foreclosed home in our neighborhood to make the valuation of our home. Which is not standard procedure in the appraisal process. 2. He did NOT take into consideration ALL homes sold in our neighborhood. (2 homes have sold in our neighborhood one on our street and the other around the corner in the past 7 months, both for significantly MORE than he appraised our home for) In his appraisal statement he said he took ALL homes into consideration (that is a quote) which he did not. 3. Ironically, he appraised our home in 2009 for our refinance. At that time he apprised our home 10-30,000 less than our friends/neighbors (4 of them) who refinanced within a 2 month period of us. 4. In that same refinance in 2009 he appraised our home for $20,000 MORE than this appraisal last week. I find it hard to believe with a market that is coming back, the homes that are selling around us and the features, upgrades and premium lot we have that our house DROPPED $20,000 in value while everyone else seems to be holding steady or coming back. Paul Dottermans practices are flawed. He is NOT familiar with our neighborhood or area and should not be determining the lively hood my family! As a seller we have very little voice in the home sale process. The system is flawed and the power rests with 1 person's opinion and we as a seller get no choice in choosing someone or reviewing their credentials during this process. We will definitely tell all to steer clear of this appraiser; his practices are flawed.