Quicken Loans
Appraisal Came in $40,000 Lower Than Local Bank Appraisal

I always read reviews before buying, but this time I got bit. I was in an ARM and it was coming due. In order to get the best deal, I wanted to go with 2 lenders and take the best one. I knew that appraisals could vary, but I was in for a shock! Lender #1: A local bank had a higher interest rate, but the appraisal was $330. The appraisal amount came in at $244k. The previous appraisal was $248k, three years ago. Not bad.

Lender #2: Quicken Loans charged $550 for their appraisal. The appraisal came in at $206k! Almost $40k less than Lender #1. The agent wanted me to accept a second appraisal. If it came in less than $240k, then I would pay for it, otherwise; he would credit the amount at closing. Uhmmm... I guess I must have sounded really stupid if he thought I was going to accept that!

Bottom line: Always review before you buy. If it doesn't feel right, don't do it!

Had I followed my own rule, I wouldn't have lost $550. I just hope I can keep others from doing the same.

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

  <     >