I just got off the phone with Quicken loans. A little upset I decided to do a Google search as "Complaints against Quicken loans". I did not know what to expect but found a bunch of complaints but the first two from Patti in Oregon and Tracy in Kansas exactly mirror my own experience. The appraisal on my house when it was built two years ago was 340K. Since then the one acre plots on my land have risen 80-90K, the base price of the house from the builder has gone up 100K since the 4 years ago when I signed the original contract. I have invested a further 30K in improvements on the house but the 5 min visit Quicken loan appraiser can only rate it at 360K. Next to my house a builder has built a spec house with the same sq. Footage but without the 40K pool and spa I have. He put it on the market at 512K but is currently down to 489K. Opposite me is a house bigger than mine, I'm not sure how much bigger but he was just appraised at 600K. What's for sure he is not 240K bigger.
They like to take your 500 dollar appraisal fee and the don't care if they don't make a loan. They say they pay the appraiser $375. You can take that with a pinch of salt as locally appraisers will ask for $325 and you can guarantee Quicken has a contract with THEIR guy to get a better price than that. I have asked for a copy of my appraisal and a copy of the check they paid to the appraiser and any delta money from the $500. We'll see if they comply. They said they want their credit check money so we'll see what they charge for that but you can bet that it is at least twice what they paid for it. A company of their size is probably paying no more than $10 -15 for a report, if that.
These guys are worse than car dealers -I usually leave them feeling raped but these guys have turned it into an art form.
If they can make $250 profit and do nothing think how few people need to be screwed to make a nice living.
Bob
Brooksville
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