After me and my wife decided not to sell our home in Crossville, Tennessee. We looked into getting a loan to simplify our lives and using the equity we have in our home to do it. As both our kids in 4-6 yrs will be attending college. We also have an Adjustable rate mortgage V.A. (Through another lender besides Countrywide).which is good right now but you never know what their going to do. Do you?
As aforementioned our Real Estate agent unbeknownst to both Countrywide/Landsafe and The Appraisal Shoppe LLC. Told us our homes worth was around $280,000.00. She had comps to back it up. She told us it was very doable. To sell our home at this price. Evidently according to her.
AGENTS, APPRAISERS AND LENDERS run a computer analysis program to see if the geographic and demographics la' te' dah' fit the in question, probable selling price is going to be whithin reach of the home owner. Comes out ours was. So, after losing our agent and going ahead with keeping the house and simplifying, paying off other debts,having one payment instead of 5. Using our equity to do it.
We call Countrwide/Landsafe to start the loan process. I personally feel they (lenders)(appraisers) do this to alot of us. Their (c-wide)representative in Memphis, Tn. Starts our application and runs the same computer program our agent run a week before. Turns out Hey! this is a doable loan. Your home fits the criteria to value at $280,000.00. Were elated.
We run back and forth to staples as my good ol' epson printer fax machine is as usual tore up.Spending $30.00 faxing and copying info. to Countrywide/Landsafe. All we then have to do is pay them $300.00 for an appraisal and were set. We pay the man in Memphis. He hires The Appraisal Shoppe in Cookeville to appraise the home. The lady comes here shes' from Colorodo. Just recently moved here. She is very complimentery of our home. All looks great.
She comes back with $248,000.00 Uhh!lets see that is $32,000.00 off what everyone has told us we could get. She has comparibles. But, of course none are on the water like ours. They are the ones a lot of vacation homeowners are trying to get rid of. This lady has no idea of what is going here, real estately speaking in Tennessee. We have lived here generations. This spring our house would sell for $350,000.00.
We try to do the rebuttal route and according to her office (The Appraisal Shoppe LLC.,) Countrywide is the only one who can do that? Even though we paid C-wide the money. Meanwhile, me and my wife are out a week of her salary due to their little "Lets make some money game". Now I know this aint' a lot of money to some people. However, if you have a family.It is. Now, I dont know about you? $300.00 is a lot of money to us, plus the $30.00 at Staples. Not to mention the bad comps used. Saying Countrywide/Landsafe has to be the disputer of The Appraisal Shoppes claim. We have always missed out on the housing drop here. Weve been here generations.
What I believe is this. This is nothing new. Like the old carrot and mule analogy. The mule walks in circles all day making the molasses chasing the proverbial carrot on a stick.If hes' lucky. When hes' done the old farmer might let him have it. If not maybe after walking all day tommorow after its rotted then.
Countrywide/Landsafe and The appraisal shoppe LLC., Like all other lending and appraisal relationships. Get together and make a few easy bucks off these shoddy appraisals while we get the shaft. We work honestly for our money and try not to ripoff people in the process of our work. Why cant they?
What I've done thus far is this. I am turning them in to the Better Business Bureau. Any other suggestions would be appreciated. I would like to see these types of practices stopped. Just like our politicians practice. I am also considering contacting the state of Tennessee Consumer Relations dept.As seen on this website. Never knew it existed till then. Please help if you can? I'd like to see me and my wife get our money back.
You might not but we sure would (laugh).P.S.Also, Countrywide won't let you pick your own appraiser. Im sure other lenders use this same practice also. As they have deals cooked up with certain ones. That you might not pick. Say you know somebody at ACME appraisals (dummy appraisal used for analogy only) Who gurantees you will get what your asking for. Because you know the guys at ACME their in your pocket. Like COuntrywide/Landsafe knows the people at The Appraisal shoppe are in their pocket....
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