In this difficult economy I was shopping for home loan and I accidentally entered my information on a website and next thing I remeber is getting a call from Guaranteed rate ,some by name XXX called me and tells me my Home is worth xxxK and I could get a loan at very reduced rate , he also promises me that he had a word with appraiser and the appraiser is somebody who he knows best and he will make sure that home is appraised to that amount . I knew that my home was worth that much or more when it was listed in 2007 , I did ask him if that is still the same , then he goes on to say that my area hadnt depreciated and blah ..blah ..
Here is what I should have done , I should have walked away from him "THE LENDER SHOULDNT TALK TO THE APPRAISER FOR THE VALUE " I didnt know this and I was trying to get it refinanced some how in my free time.
I went to the office submitted my documents and gave him the check for appraiser , then I see that appraised value came close to 10% lower than his "online research" and it seemed my speculations about this business has come true.
The business model is somehow lure the customer to office ,get the check and once the check is with them they think that customer will stick with them. Once you give the check, XXX has no interest in your loan , then it is your duty to follow up with him and then he turns rude and gives completely different closing cost and then you realize that he made $100 from the appraiser fee .
here is the sample conversation I had when I asked him about the extra $100 he collected from for appraisal.
Guarateed Rate response
"Good Afternoon XXXX,
Did you decide if you would like to move forward yet?
why do you need 450 when the invoice is only 350 ..."
Guarateed Rate Response
Date: Thursday, May 7, 2009, 4:28 PM
I dont need $450."
in the event that am not doing loan with you will you be refunding the extra 100 ?"
Guarateed Rate Response
"Date: Tuesday, May 12, 2009, 4:15 PM
That was an FHA appraisal."
"but the invoice says $350 , check the fwded appraisal before you comment"
final response from Guarateed Rate
"Doesn't matter its 450
Sent from my BlackBerry wireless device from U.S. Cellular"
It doesnt matter to them , what amount they collect from you . I have all the proof for the above conversation . It is the agent had no clue why they collected that money . First he says he doesnt need 450 ,he needs only 350 . Then he tells it was for FHA loan. then the moron changes his tone again " Doesnt matter ".
I request any one with legal knowledge help me to to uncover this shady business that traps innocent people and preys on their hard earned money .
Any rebuttal I would publish the whole email trail and voice messages .