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robertdelarsante · Joined: 27 Feb 2010 Posts: 4 2.60 Dollars($)

Hello everyone,

I will try to keep this short and to the point. I was going to buy a home but decided not to do it. I had not signed any contracts or anything and was not financed; just pre-approved. After telling the broker of a lending company that I was not going to buy the home, they informed me that they had ordered an appraisal of the home and wanted to be compensated. I was never told that the appraisal was ordered. I was told it was done in order to have the appraisal in enough time for closing which was to occur about a week and a half to two weeks later. Now they are asking me for the money (more than 300.00) for doing this. In an email they stated that they put a lot of time into raising my credit score and such and understood they would not be paid for that BUT something doesn't seem right. I thought I was responsible for paying for the appraisal and then it would be refunded to me after signing the contracts.

What are your thoughts on this? At first they wanted a check or cash and now they are saying make the check payable to the company. I'm at a total loss being new to all of this. I know they did this to help me out BUT I wish I would have known it was being done and I would like to use them again in the future. They do know their business!

Thanks for your help and suggestions!

Guest

Yes, you do owe for the appraisal! And you should compensate the Broker for all their time and effort helping you!

Who do you think you are to use all their good faith efforts to clean up your sorry credit, they spent REAL DOLLARS on your behalf to help you, and now you want to pull this low life underhanded dishonest behavior?

I bet you were a frekin pain to deal with the whole way and now you are so low and ungreatful you are trying not to pay what you owe?

What they will do is turn it over to a collection agency and they could put in on your credit and bring your scores down.

You should be ashamed of yourself trying to pull such a loser stunt on people who did a lot of work to help you buy a home!

robertdelarsante · Joined: 27 Feb 2010 Posts: 4 2.60 Dollars($)

According to Michigan laws here I don't owe anything. I have a friend here in mortgage and he said I don't owe because it was not in writing that the bank would do the appraisal. So how could this be turned into a collection agency when it was not in writing or signed upon?

You act as if you know me or something saying I was probably a pain to work with. Definitely not the case. I have read where this has happened to countless people and meanwhile the person doing this is reaping the rewards, not the consumer. I'm just trying to do what is right knowing that this is and can be a crooked business and the truth always comes out in the end.

raymond · Posted: Sun Feb 28, 2010 11:53 am Post subject:

You don't have to pay for it if you didn't authorize it. They really should taken a few minutes out of their day before ordering it, and cleared it with you first.

Before an Appraisal is ordered for any of my clients, they sign a disclosure that says they're going to be responsible for paying for the Appraisal. I'm responsible for paying for it if they don't sign that disclosure.

Posted: Sun Feb 28, 2010 12:03 pm Post subject:

Thank you Raymond. This makes complete sense to me and I appreciate your viewpoint on the matter. NY Joe's take on this is the reason why I posed the question in the first place. I am thinking that some individuals in the business get upset for spending their time and want to be compensated in a 'round about' and dishonest manner. I did not sign anything nor was I informed. I just do not want to receive any threating phone calls or the possibility of a collection agency when all of this is a surprise in the aftermath of my not buying the home. Thanks again! This is all valuable information for the future

Guest

I am happy to see this post. The same thing happened to me. The only time I heard from the broker was for the money. I tried contacting him several times and no return phone calls or anything; except for when they wanted the money. I called another office and come to find out they did not even charge him for the appraisal. Be careful!

Guest

That's right, just discount all the time and effort that poor broker probably put forth helping this borrower to then just walk away after everything that was done to benefit this person. he probably was giving this person great service, returning all calls and emails etc. And I bet you this client suddenly stopped returning calls and emails and made up some lie to get out of the deal!

It make me sick how people will use every loop hole to get out of doing what is right. Like little paricites, who will suck the blood out of the host, then drop off went then have their fill.

The broker is not asking to be compensated for all his time and effort helping this unappreciative client which was worth probably 2k to 3 k, just does not want to have to pay for the appraisal costs on top of having the client pull such an underhanded stunt too.

Yes, because people are so underhanded and dishonest these days, the broker should have gotten it in writing, as clients will try to screw you over the second they feel they don't need you anymore, but this person should do what is right and PAY FOR THE APPRAISAL COST!!

gmakerley · Posted: Tue Mar 02, 2010 11:06 am Post subject:

if a loan officer is foolish enough to order an appraisal report BEFORE a potential buyer is even in contract, then that loan officer ought to eat the fee and not even pass it along to his or her company.

believe me, nyjoe, i don't enjoy working with clients for months on end and more only to see them take their sorry posteriors elsewhere when it comes time to make a real purchase, or to simply tell me they're no longer interested in making a purchase or getting refinanced, whatever the plan was. yes, i'd love to be compensated for all the hours i've put in, all the work i've done, the sweat and the ink on paper wasted; but that's not going to happen.

by the same token, i will never allow an appraisal to be ordered that ought not to be ordered. that's downright ridiculous for a lender to take that step without a contract in place, and without a formal application in place either.

not everyone is a parasite either - most of them are innocent and completely unaware that we who slave in this industry don't get compensated for all of our wonderful deeds.

back in the day, we worked at the bank and got a salary - got paid no matter if we made a loan or not. this new world isn't kind.

Guest

George,

I almost vomited in my mouth reading your post.

You know this borrower was most likely informed an appraisal was being done. And you know that this borrower with bad credit probably has a history of non payment and is a perpetual victim type.

How about making a stand for the mortgage broker. I'm sure if we heard his or her side, we would find out how things really went down.

Buyers are liers and I would side with the mortgage broker on this issue

gmakerley · Posted: Tue Mar 02, 2010 1:46 pm Post subject:

nice way to begin a post...

somebody in that scenario was stoopid - gotta spell it that way or else it gets dinged - and no matter who it was, that appraisal should not have taken place at all. if the poster should have paid for it, then the lender should have collected the money upfront so as to guarantee it was paid for. if the poster is truthful, and i have no reason to doubt it, then the appraisal should simply have been canceled. after all, our poster said there was no contract in place for the real estate being appraised.

not every buyer is a liar and not every loan officer is a fool. i made my thoughts on losing money pretty clear above...i don't like it, and honestly would like to see the application fee come back. at least then i make a pittance for the excessive time i spend fielding phone calls, emails ad nauseam.

but i don't agree with you nyjoe.

robertdelarsante · Joined: 27 Feb 2010 Posts: 4 2.60 Dollars($)

Thank you everyone for your opinions in this matter. It was a big help. NY Joe, stay in your current business because your psychic knowings would never make you a dime. You sound like someone who would pull this stunt to a consumer, if anything. It must have happened to you before. What occurred to make you think all buyers are liars? Have you not purchased something before? So this makes you a liar as well.

If we go with the viewpoint that everyone should be compensated for their time then I deserve a big check for all the faxes I have sent as well as gas money. In the end as workers, we all lose one way or another somewhere down the line in trying to serve the general public, no matter what our profession. This has been a great learning experience and I never knew George that people in your position did not get paid if you did not make a loan. Thanks for updating me on that. As I stated earlier, all of this came out in the end without my knowledge and it should have been mentioned.

This has been settled. I spoke to the broker yesterday and told her my feelings towards this and after an hour long conversation, she finally understood why I would not be paying. I did, however, give her business from two friends of mine and she was happy for that. Thanks again for all of your advice and best of luck.

Guest

Well I'll be Darned George, high five to you about the application fees coming back!!!!

These borrowers will pay some kind of retainer fee or good faith fee to everyone, on every thing under the sun, BUT how dare the one who deserves to request it the more than anyone, the important player of all, on the biggest and most important financial transaction of a person's life ask for some good faith money up front!

We should be able to require a $3,000.00 SOBs and how dare we ask borrowers to put up Good Faith Money so they don't turn into back stabbing, unapprecaitive, low life, dishonest losers that so many prove to be these days!

I've never seen so many underhanded, freakin pure @ss whole lying peices of shet than there are out these these days! borrowers are lying the second their mouth opens. They will use mortgage brokers for months, only to suddenly turn their back on us the second they think they can save a dime thru another lender regardless of the months of work you do for them.

Basically, 45% of the American public have no integrity and are void of any honesty and will Fook you over the first chance they get!

And all you lenders know Dam well I speak the truth!

robertdelarsante · Joined: 27 Feb 2010 Posts: 4 2.60 Dollars($)

NY Joe, why in the hell would someone use you all for months? Isn't the point to get in and out of there and close as soon as possible?

Guest

Listen pea brain, these loans are nightmares to close these days! On top of that, if clients were honest and we did not have to worry about them constantly screwing us over by chasing .125% lower rate or a little less cost with another lender after we've done months of work on their bad credit, (i.e. borrowers like you) months of dealing with all their BC issues, months of them making BC offers on short sales that will never happen, we could do a much better job for the consumer. But because the average person has absolulty no loyalty or intergrity, and will work with one lender for months only to switch to another right before closing, it makes doing a good job that much harder.

What if you worked for months on a job and right before you were done your employer pulled in another person because they could do the last day of work and charge less for all that has been done, and your employer tells you sorry about your luck, he's not going to pay you now because he found a better deal...how would you feel and what would you do?

gmakerley · Posted: Wed Mar 03, 2010 11:02 am Post subject:

joe, given your overall attitude, it has to be surprising to even you that anyone would work with you at all. doesn't your attitude come out in your dealings with potential clients?

believe me - i understand the frustration. i just checked in with one of my realtors a couple of days ago and learned that our mutual client walked away from both of us - this after over a year on my part working with her and her husband, and working with the agent for at least 6 months. apparently, they're closing any day now. i even spoke with this woman one day while driving, and as she told me about a house she'd spotted online, i drove to it and described it to her. doing the legwork that a realtor would do as well as giving financial advice on the mortgage netted me zip/zero/nada...she ought to be gracious enough to send me a referral, at least, but i'm not sure i want to call her anytime soon at this point.

but...."pea brain"????? - how dare you call someone that, joe? that's precisely the kind of loan officer behavior that turns the public off. maybe i'm too much of a nice guy, but i'm not about to call names despite what might be a very frustrating experience.

robert, i'm glad this all worked out for you - and you were absolutely magnamimous in sending referrals to the loan officer. i hope they don't have to pay for appraisals that weren't authorized.

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Do I owe a lending broker money for an appraisal?