Not resolved
3 comments

The stories are true about the screwed up appraisals. I live in an Intown neighborhood and have an historical home that has gone up significantly each year with a slight brief decline during the recession.

The last appraisal before some of the most current renovations was 10 years ago for $325k and every other appraisal has been within range before that time. I am not in a very hot area and homes sell within days. My home was on the tour of homes and considered to be one of the nicest. I asked quicken to make sure and request an appraiser familiar with Intown neighborhoods.

The least expensive house on the street sold for $385k 6 months ago. The home next door which is the exact same house with a smaller lot and cheap renovations Closed for $439k the very week quicken sent the appraiser. Several other home on the street had sold during the same month that were smaller and less appealing for low $410k to $500s. I told the broker that at a minimal my house would get $390-$430 which would far exceed what I needed to make it worthwhile.

The appraiser appraised the house for $270k and used comps that are not appropriately in the same area. I provided a long list of comps to help him understand the market and neighborhoods. He was not interested in my comps. I provided an extensive list up renovations and updates as well as the amenities that are also driving up pricing.

He had no interest in any of that information. Quicken wanted to have me pay PMI which I haven’t paid in over 19 years. I have an offer on the house for higher than the $439k my neighbors received. By the way they received their offer the first day the home was on the market.

I understand values can vary and there are different interpretations but it was obvious that the appraisal was at least $100k lower than a low end value in the area. Quicken acted as if this was all my wishful thinking and said that they must respect the opinion of the appraiser. I would have been okay with a conservative estimate because I was just looking to refinance. However, the estimate was so grossly out of range that It should have required reconsideration.

They were still expecting me to refinance and add PMI and couldn’t understand why I was furious. I will not revisit this with them any longer because it is too much energy and time wasted. If I want to sell I know what range the house will sell for. If I do refinance, I will use a broker and appraiser who is educated on the area and the values.

Not all appraisals that are low or high are wrong. To the appraisers that are getting offended as if it is an attack on their industry, maybe you are the ones where this story hits home. In reality there are some appraisals that are incorrect and the person hired should have some understanding of that particular market.

If not, then at least have the curiosity to find out before putting a half *** value on something that is so important. No to quicken loans.

Product or Service Mentioned: Quicken Loans Customer Care.

Reason of review: Pricing issue.

Monetary Loss: $100000.

Preferred solution: Leave me alone and for future consumers request appraisers Appropriate for the market . That is a very reasonable request. Why would you have anyone place a value on anything that doesn’t understand what they are trying to value. .

Do You Have Something To Say ?
Write a review

Comments

You will be automatically registered on our site. Username and password will be sent to you via email.
Post Comment
Anonymous
#1714057

I was the one that originally posted about the wildly low appraisal that Quicken could not seem to comprehend my anger and frustration. I told them at worst my house should appraise around $390K but I felt with my house being the nicer of several on the street it should easily be in the low 400K range.

The appraiser gave an appraisal of $270K which is way below what my current mortgage company had it appraised for 10 years ago. The neighborhood is hot and I offered comps and let the appraiser know the house next door had just closed for $439K which is not a nice and has a smaller lot, and the one much smaller one block away just sold for $410K. Quicken continued to contact me while I was on vacation in Europe as if somehow I was going to accept a refinance that devalues my property and puts me back in PMI. I finally made it clear that the low appraisal and the unwillingness to investigate was a deal breaker.

I just received my new yearly tax appraisal which has the property valued at $393K which is always on the conservative side. I initially told them the value was at a minimum around $390K. The property has gone up over $100K for the past two years and this is common knowledge. Rather than consider the information and comps I offered as part of his determination, he pulled outdated city tax appraisals that have been artificially undervalued.

It was only within the past two years that the property values were being gradually stepped up to the realistic values on record when the properties had been selling for those rates for years. Anyone doing appraisals in the area should have known this and if not should have at least researched the accuracy of the information being provided. My taxes went up 750% last year and he listed the neighborhood as stable not hot. The happy part of this story is that I have an accurate low end value of what my house is worth and I have let Quicken know that they should refund my money and the appraiser I may file a complaint.

Regardless their business model that seems great initially lost a customer that was a low maintenance sure thing. I am glad to hear others are pissed too!

Anonymous
#1704048

Same thing happened to us. We were low balled by 100,000.

The comps they used was for smaller houses and not in my school district. It was on the East side of town where I would never move to, if you can read between the lines. I have over 3000 sq ft house all brick on a basement and the appraiser used homes that were 1200 sq ft. The appraisal is a joke but I figured it out.

This is what Quicken loans do. This is just my theory. They told me they do 40,000 loans a month. I read over 3000 bad reviews for Quicken loans for June.

So if they charge 40,000 people 500 bucks to do a loan and they give 250 to the appraiser.

Quicken loans makes 10,000,000.00 million a month just on low ball appraisals. I wish I could find an attorney who would look into my theory.

ExperiencedGreyMouseLemur580
#1703447

Same happen to us just wanted to refinance very low appraised after thousand of dollars for upgrade lost money we did not have. Limited income Charles Hertel and Karen Clarkson Interlachen Fl