Your team entirely fumbled my project
Your team entirely fumbled the project for 417 Greenway Ln. My account manager (Julia) is always on top of things but went on vacation and the team replacing her did not do what they needed to do. The closing date kept approaching and I wasn't seeing a lot of movement. I thought my terms were already approved, given the proximity to the closing date and the time that had gone by. Then, Julia came back and things finally started to move when I pressed for answers, only to find that the appraisal of the property's ARV was much lower than what I have, which created unacceptable terms. I have checked the ARV with other investors & contractors and all agree that the ARV should be in the mid $500s. When I inquired the reasons for such a low valuation, the excuses I heard were all ridiculous. Your team decided that the property is only and will only be 910 SqFt. It is already 1550 SqFt and will remain at 1550 after rehab. They said they are only going to consider 2 bedrooms when rehab is done, when we will take it to 4 bedrooms (2 in the basement) with conforming egress. They said rooms in a basement are lower grade. Only an ignorant person can say that. Even after explaining all this to them, they are stuck with their totally wrong ideas about the property. Clearly, your people appraising are only seating behind a desk, getting wrong info from the internet and not checking things with reality. I am going to miss my closing date and now I have to fight to see if my seller will allow an amendment to extend the closing date. Otherwise, my contract will be terminated and I will lose my earnest money, which you people will have to reimburse to me, of course. I submitted this project on April 27. It took your team until May 12 to finally do anything with my project, and the valuation is ridiculous and doesn't hold the slightest scrutiny. The incompetence & negligence of the people doing the valuation is mind boggling. I still don't know what the outcome of this will be, because your resolution is taking a very long time, but this is a terrible experience already, no matter what the outcome. I still expect a positive answer, though. The worst part is that my experience with Kiavi had been great until now. This score is for this one project. For my previous projects, I would review them with a 5, but this one has been very frustrating and it's been like trying to reason with a rock when it comes to their appraisers.