WINSTON M LANDRY

Winston Landry appraised our property for about 50% of its value. This is not simply sour grapes due to a low appraisal; I can prove that his appraisal based on the cost method is absolutely inaccurate, and that his assessment based on the comprables method is equally flawed, making this a case of either incompetence or mal practice on his part. He appraised our home for an amount that is 80% of the price we paid 5 years ago, and substantially less than the comparables he used in his appraisal, even though our home is of much higher quality and in a nicer neighborhood. It is clear that Mr. Landry knew the amount to be borrowed (less than half of the home's value) and appraised the property to meet the lender's requirements rather than providing the accurate appraisal that I paid for. I am in the process of filing a formal complaint with the appraisal board. I believe this practice of providing the lenders with an appraisal to meet their needs only, to the detriment of the owner, is having a drastic effect on the real estate market in our area, and appraisers who regularly use this tactic need to be reprimanded.