Beware of Richard Fasano, alleged Real Estate appraiser.
My home is on the market and prices comparably with other homes of its size, amenities, and condition. A realtor's tour awarded my house the "Blue Ribbon of Tour" award (which simply means, that of all the homes toured ours was selected as the best.) At the beginning of August we received an offer ($525,000) from a buyer, which we accepted.
About 3 weeks into the process, the buyers agent calls our agent and says that an appraiser he knows says he can only appraise the home for ($490,000) and that this appraiser has determined this without looking at the property and that actually visiting the property is not necessary (this is amusingly contrary to what he states on his website under "Appraisal Myths".)
Now the buyers don't want to spend the money on the appraisal if the property cannot be appraised for the full selling price. Fasano is told that he must go to the property and actually do the job he's being paid to do. Knowing Fasano is now prejudice to this property as he is being challenged to actually look at the property and do a proper appraisal, I hire a licensed firm with at least 10 appraisers on staff (not some rinky dink one man show), this firm came highly recommended from not only a major real estate entity, but also a partner in a respected financial lending institution.
The appraiser that I hired arrived dressed professionally (slacks, dress shoes, company polo shirt) and was courteous, informative and friendly. This gentleman was very thorough and spent approximately an hour at the property. The buyer's appraiser (Fasano) arrived wearing shorts, gym shoes, a sloppy oversized shirt, and a sweaty ball cap. Fasano was visibly put out, had an attitude, was outwardly arrogant, and was certainly less than professionally courteous. Fasano spent significantly less time at the property (remember, he already had completed his appraisal in his head.)
The appraiser I hired valued my home at $527,000. The appraisal is complete with several different formulas as to how the number was reached, as well as comparable homes and what they sold for. Fasano (not surprisingly) just fell short of his predetermined mark and valued the home at $487,000. Fasano was clearly prejudiced to the property as his skills in appraising from behind a desk were challenged, giving his ego little choice but to punish those who question his all knowing wisdom. The real losers here are the buyers who now may not be able to obtain financing for the home they would like to purchase.
I'll have to make a few more mortgage payments, but the house will sell for what we're asking (which ironically will invalidate Fasano's appraisal.) Don't use this appraiser, pay a few extra bucks and hire a real professional.
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