I applied, after allot of research on my part, to re-finance our
home on 1/6/2011. I informed the representative after some
discussion, that under no terms was I coming out of pocket with any
money or paying for anything unless he and his company were 100% sure
my loan would go through. I informed him and his director in
numerous conversations that I did not wish to proceed with the process
if I did not have this guarantee. When I was verbally assured by him
and with the approval of his director that it would go through, I gave
a $400 deposit for various fees which were to be returned at closing.
I once again explained that if this was not a sure thing that I did
not want to proceed and once again given assurances that there would
be no issues.
The appraisal came in grossly under valued at $210, 000 which is well
under the range they assured me my home was worth $270, 000-285, 000.
When I asked to see the appraisal I found home sales used as a
comparison were not any where near my home's location, size or age.
After many conversations between a variety of Quicken Employees I
submitted per their request listings that I have found in my area that
are the size and closer to the age of my home. These listing showed a
number of homes to be selling for anywhere from $276, 000 to $350, 000.
There are currently 2 homes for sale in my neighborhood by the same
home builder for $350, 000 and $400, 000 and they are the same size and
age or smaller. I also discovered that a neighbor home sold for
$270, 000 last year which was not considered by the appraisal. All
these prices are are big difference from the insulting appraisal
conducted by Quicken. I then receive the yearly assessed value of my
home and it is $334, 500.
I have submitted my findings to Quicken and to no avail they have not
changed or considered changing their position.
I finally received a credit of $51.00 after waiting for weeks.
I just want everybody to be warned about the poor business practices of this company
so others are not scammed as we were. Don't trust them, go to someone else!
