TOOHEY APPRAISALS INC

When I purchased my home in 2010, my lender ordered an appraisal from this company. The home appraised for its purchase price. Two years later, my lender ordered an appraisal from this company for my home refinance. The new appraisal was nearly $50,000 below the prior appraisal. I pointed out to the company owner, Jay, that this sort of depreciation did not make sense even from a macro perspective. The Baltimore market had dropped 4 percent on average over the two-year period since I had purchased my home, yet the drop of my home value from the first appraisal to the second was about 15 percent. The owner indicated that he thought the appraisal was too low when I initially contacted him to appeal. As part of my appeal, I sent him numerous comps in my neighborhood that indicated a much higher appraisal was justified. I also explained to the owner in detail that the comps used in the original appraisal were seriously flawed for reasons ranging from incomparable home/lot square footage to drastically different home locations. Over the next several weeks, the owner proceeded to ignore my phone calls and emails without explanation. I finally had my lender call him after nearly a month had passed. Only at that point did I learn, through my lender, that he denied my appeal. I received no feedback on all of the evidence that I had sent to support a higher appraisal. If you have a similar experience with this appraisal company, I recommend filing a complaint with the appropriate licensing authority.