Quicken Loans
Low Appraisal Ignored $40,000 of Home Improvements, $500 Lost

I applied online with Quicken Loans to refinance my house. Everything seemed above-board, with frequent notifications from them regarding the progress of the loan. I was contacted by an appraiser, a one Dennis Allen, to come do the appraisal. I was later contacted by Quicken of the ridiculously low appraisal... An amount of $89,000, which is what I paid for the house 7 years ago. Since then I have done $40,000 in

Improvements. I had valued my house, conservatively, upon applying with Quicken at $120,000. Just this past summer, I had considered selling the house, and I had numerous realtors begging me to let them list it for $135,000. The "appraiser" stated there had been "no improvements to the property within the last 15 years." This is certainly a blatant lie.

I've contacted the person with whom I made the beginning of the loan process with my displeasure.

Here is the letter I sent him:

TO: DanielLevy? @QuickenLoa? Ns.com (DanielLevy@QuickenLoans.com) Add to contacts 12/20/12

Hello Dan,

I am very displeased with the appraisal, done by Dennis Allen. He valued my house at $89,000, and stated in the appraisal that there had been "no improvements to the property in the last 15 years.

This is certainly not true. I have invested at least $40,000 in improvements during the last 6 years. When I purchased the house, I paid $87000 for it 6 or 7 years ago. At that time, the previous owners had just put on a new roof for $6000.

As I said, I'm very unhappy about this. I gave your company $500 in good faith, knowing my property is worth the amount of at least $120,000, which I stated to you. This past summer, I had considered selling my house, and I had several realtors begging me to let them list it for $135,000.

I have read, online, a lot of complaints about your company's practice of collecting $500, then coming back with a ridiculously low appraisal, thus causing applicants to lose their deposit. My complaint will be among them, and will result in your being contacted, as well as this "appraiser" you have working for you.

I'm an honest person. I take great care in maintaining good credit, and I've been a conscientious homeowner.

I really regret contacting Quicken Loans online. Had I gone to a local bank, I would not be out $500 as a result of this scam appraisal.

If I find a class action suit regarding your practices of bilking folks like me out of their money, I'll be joining it.

ActionsDanielLevy? @QuickenLoa? Ns.com (DanielLevy@QuickenLoans.com) Add to contacts 12/20/12

Company: Quicken Loans
Country: USA
Site: quickenloans.com

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