Appraisal Solutions Inc review: Low home appraisal

Michael Strnad was assigned by Cardinal Financial to do the appraisal on the condo I am buying. The appraisal came in $115,000 under value and was obviously egregious to everyone involved, including the buyer's agent, the listing agent and the lender. Several things were incorrect on the appraisal, including:

Noting that the AC was central and not individual (they are individually owned in this condominium unit)

Listed as having gas heat, but it has both gas and electric. the unit was currently using electric for all appliances.

Listed as having a patio - this is on the 3rd floor, so there is no patio.

Listed as having no balcony - the unit has two separate balcones

Compared to units in the same building that were not comparable, including 2 bedroom units with smaller square footage, having stairs (ours is a flat), and did not take into account that the unit had a den.

Indicated that the market is stable, when in fact it has seen 20-40% increases over the last year.

Valued the unit at the same price as a unit of the exact same floorplan that sold a year ago without adding any inflation. Had he added 20% inflation, it would have come in right at value.

The low valuation was challenged by the lender with all inconsistencies pointed out. Mr. Strnad refused to revalue the property, causing us to have to obtain a new lender, delay our closing and lose the 1% incentive we had which amounted to $5,800 + the cost of hiring a new appraiser through our new lender ($600). The new appraisal came in at value, further proving that the initial value was egregiously low.

I can provide both appraisal valuations upon request.