I recently contacted Quicken loans for a refinance with cash out. They asked me to put up a good faith deposit of 400.00. Since, I was trying to get cash out, this hurt a little. Everything was fine, until they sent their appraiser out. She appraised my house for 20,000.00 less that the appraisal done 3 years ago. I realize the real estate market is down and I could have accepted 10,000 less but 20!!! She appraised my house for less than any house has sold for in my neighborhood, so she did the comps in an entirely different neighborhood!!! She was not from my city when there are 100's of appraisers available. When I pointed out to quicken that the comps weren't in my neighborhood, they said it was done and nothing they could do about it. Oh and the good faith deposit? Gone used on their wonderful appraiser. Beware. Stick with local companies and word of mouth.
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