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| Save an Elephant Kill a Poacher  |
Simple story is, WF is the mortgage broker. We were told to pay 695$ for a HOME appraisal on house we were purchasing. 695$ paid via our CC, received and VERIFIED paid by WF. In escrow we were credited 12K for repairs needed and this 12K was to be paid towards our CLOSING COSTS per WF direction. Escrow closes we move in and all happy. Then I look at closing disclosure paperwork. We were charged (paid out of OUR 12K seller credit) 1670$ for an appraisal. I thought we already paid 695$. A mistake? I called escrow company to have them explain it to me. Nice gal but over the phone she had that 'deer in the headlights sounding voice' couldn't explain it and referred me to our broker. Conversation with her was very telling, was something going on? I called our WF broker who was perplexed. He worked on it and couldn't get any of his minions to explain it. He referred me to customer service. Called CS and they were perplexed but would call me back. They never did. So few weeks after this called CS again. Got a Supervisor who was perplexed but said he would look into it. After hanging up with this Supervisor, I immediately called the company that "allegedly" did the 1670$ home appraisal. They confirmed they did an appraisal but would not give me a copy of the appraisal, said I would have to call WF. Few weeks later get a call from the WF broker (who is a really nice guy) Broker said everyone was perplexed so they were just going to refund me half the 1670$ I was charged. I said, he agreed and he CC'd me on email to his minions, that I paid 695$ and 1670$ paid out of 12K credit should not have been charged and I should be reimbursed the FULL 1670$ I was charged. In the email threads that follow, he cc'd them to me. There was an email from whom I assume is someone of importance, over my Brokers head, who indicated she received notice from the 1670$ home appraisal company ON THE SAME DAY I CALLED THIS COMPANY! that I had called and was questioning the appraisal. Is that a normal business practice?? Does this Appraisal company have nothing better to do than call and tattle to their clients? She instructed my Broker to tell me not to call this appraisal company. This is the second telling thing that something may be amiss here Toto. Todays email from another WF minion involved is to confirm that yes, the appraisal fee is 1670$ (Original broker confirmed to me appraisals are only 695$ and he has never heard of this 1670$ company), and since I paid 676$, I could be refunded the difference. But wait, is this the third telling thing? I never paid 676$ I paid 695$ ding ding ding which is verified in WF emails. Sorry for the long read but with all the past shenanigans with WF I am wondering if others have had this issue or if maybe it's time for a class action lawsuit? 'I am the danger'...Hiesenberg NRA Certified Pistol Instructor NRA Certified Rifle Instructor NRA Life Member | ||
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| Member |
Did they make you pay for the home inspection instead of appraisal? It's been awhile, but you should have nothing to do with the appraisal as that is not on you to pay up front for. The lender or broker is on the hook for that and they basically charge that at closing. They tell you if the property appraised high enough to approve the loan or you need to bring money to the closing table. It's all about clean living. Just do the right thing, and karma will help with the rest. | |||
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| Eschew Obfuscation |
Our loans have been with WF for 20+ years. Their customer service has always sucked, and I don’t see it improving in my lifetime. _____________________________________________________________________ “One of the common failings among honorable people is a failure to appreciate how thoroughly dishonorable some other people can be, and how dangerous it is to trust them.” – Thomas Sowell | |||
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| Get my pies outta the oven!  |
Wells Fargo are a bunch of dishonest scumbags, I'm not at all surprised here. They've been fined multi-million dollars for all the shit they've pulled. | |||
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A Grateful American |
You may need to file a "notice of error" with WF. Ask your broker/agent to look at the charges/closing disbursement sheet and advise you if you need to run it by a (your own) Real Estate attorney, or handle it another way. (if, in fact the fee is for an appraisal, that you already paid. It is possible the appraisal date ran beyond 90 days, it may have required another one, but you should have been presented with a "contract addendum" and signed off on it. The "closing attorney" does not actually represent either a buyer or seller, only acting as the "settler" of the transaction, (handling the legal stuff). No one "represents" you better than yourself, and then ensuring you have the "right" people doing things on your behalf. I have had a long term commitment with my real estate broker, and she is also a good friend. Her assistance in getting me to the correct people and digging out the important points of issues has saved me a lot of time, money and aggravation anytime they occurred. She is worth every nickel she has earned in the dealings. "the meaning of life, is to give life meaning" ✡ Ani Yehudi אני יהודי Le'olam lo shuv לעולם לא שוב! | |||
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Member |
That's the first thing that I thought of too (home inspection vs appraisal). In my dealings with the mortgage company, fees for appraisals were rolled in the closing costs. The last re-finance I did have to pay a credit check fee ahead of time, but that was only $20 or so. Regardless of my experience, I would not let go until I understood what each fee was applied to, and if one was double billed I'd expect a refund. | |||
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His Royal Hiney |
Yours is a convoluted story but it sounds like you understand things from your side so, if I were you, I wouldn’t let go until everything has been reconciled to your satisfaction. As far as you contacting the appraisal company, you have every right to contact them since the document shows you paid for them. Besides that, you were trying to resolve the issue. I don’t think it’s a deliberate error since WF didn’t get the money; it’s just a simple case of a clusterfuck situation. "It did not really matter what we expected from life, but rather what life expected from us. We needed to stop asking about the meaning of life, and instead to think of ourselves as those who were being questioned by life – daily and hourly. Our answer must consist not in talk and meditation, but in right action and in right conduct. Life ultimately means taking the responsibility to find the right answer to its problems and to fulfill the tasks which it constantly sets for each individual." Viktor Frankl, Man's Search for Meaning, 1946. | |||
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| Needs a check up from the neck up  |
SEND ME A PRIVATE MESSAGE __________________________ The entire reason for the Second Amendment is not for hunting, it’s not for target shooting … it’s there so that you and I can protect our homes and our children and and our families and our lives. And it’s also there as fundamental check on government tyranny. Sen Ted Cruz | |||
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| Just because you can, doesn't mean you should |
You're being way to nice about WF. In my opinion that bunch is operating a continuing criminal enterprise, although most of those have better customer service. ___________________________ Avoid buying ChiCom/CCP products whenever possible. | |||
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| Member |
The longer you live the more of these situations you encounter. Do not think it was deliberate, but that still leaves you with work to do. | |||
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The Unmanned Writer |
No such thing on this site.  Life moves pretty fast. If you don't stop and look around once in a while, you could miss it. "If dogs don't go to Heaven, I want to go where they go" Will Rogers The definition of the words we used, carry a meaning of their own... | |||
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Shall Not Be Infringed |
Well, an email would be a 'PRIVATE MESSAGE'... ____________________________________________________________ If Some is Good, and More is Better.....then Too Much, is Just Enough !! Trump 47....Make America Great Again! "May Almighty God bless the United States of America" - parabellum 7/26/20 Live Free or Die! | |||
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blame canada |
Yikes. First...yes, WF is a bunch of lying, cheating scumbags. Yes. The appraiser is required by contract with WF to notify WF every time they are contacted about the property. The appraiser should not, and does not have to disclose their fee or other pertinent details to you, the borrower. WF is their client, not you. You do have some rights, look into the Dodd-Frank act. WF typically adds to the appraiser's fee to cover their review costs and sometimes another third-party review or servicing service. WF goes back and forth on if they're placing the Appraisal Management Company game or not. Most of the time even if they do comply with federal regulations and use an AMC, they own it one way or the other anyway. These AMC's often choose the appraiser and add a fee for review services.+ As for the appraisal fee...my office won't do an appraisal for anything less than $2,000. Even cookie-cutter residential mortgage work that any idiot can do. I charge more for our trainee to do residential work on a long turn-time without a site visit. By your account, your beef isn't with the appraiser, its with WF. The appraiser took the correct and legal actions required by contract and USPAP (Uniform standards of professional appraisal practice). The real surprise is that WF only told you they were going to charge you $695 for a real estate appraisal to begin with. That alone would make me question what back-woods brokers price opinion or zillow estimate/redfin report they intended on using to begin with. ~~~~~~~~~~~~~~~~~~~~~~~~~ "The trouble with our Liberal friends...is not that they're ignorant, it's just that they know so much that isn't so." Ronald Reagan, 1964 ~~~~~~~~~~~~~~~~~~~~~~~~~~ "Arguing with some people is like playing chess with a pigeon. It doesn't matter how good I am at chess, the pigeon will just take a shit on the board, strut around knocking over all the pieces and act like it won.. and in some cases it will insult you at the same time." DevlDogs55, 2014  ~~~~~~~~~~~~~~~~~~~~~~~~~~ www.rikrlandvs.com | |||
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| Save an Elephant Kill a Poacher |
Thanks to all for the comments. The fee I paid and the surprise 1670$ fee was for an appraisal, not a home inspection. We paid the home inspection fee up front and got the inspectors report. We never got an appraisal report. Escrow closed in the 30-days agreed upon. There was no long drawn out escrow. Side note, we offered and the sellers thanked us for our "generous" offer OVER asking price. We really wanted the house and there were bidding wars going on so we offered way over asking. We knew we would have to pay the difference if the appraisal did not come in at our offer price. But surprise the appraisal was exactly what we offered. There is currently some emails I am cc'd on that the appraisal fee IS 1670$ and the question now is am I due the 695$ I paid up front. AKSuperdually, thanks for your expertise. It helps explain some of the stuff I experienced. Will see what tomorrow brings and will keep all posted. Thanks 'I am the danger'...Hiesenberg NRA Certified Pistol Instructor NRA Certified Rifle Instructor NRA Life Member | |||
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| Just because you can, doesn't mean you should |
The wife's a Realtor, FYI, so she sees a lot of appraisals. They normally (for a mortgage) just confirm if the home value meets the mortgage amount or not, and don't elaborate beyond that. When we bought our last house with cash (no mortgage) from our former home, we paid the appraiser ourselves and they told us the exact amount they had placed on the property. FWIW, Wells, had it been our market, would have marked up that appraisal close to $1000 as they are $6-$700 around here, depending on complexity. All banks do this but Wells is the worst I've seen, in every way. ___________________________ Avoid buying ChiCom/CCP products whenever possible. | |||
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| Needs a check up from the neck up |
Yes an e-mail __________________________ The entire reason for the Second Amendment is not for hunting, it’s not for target shooting … it’s there so that you and I can protect our homes and our children and and our families and our lives. And it’s also there as fundamental check on government tyranny. Sen Ted Cruz | |||
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| Save an Elephant Kill a Poacher |
Tried several combos of your posted email but none will go thru. Advise 'I am the danger'...Hiesenberg NRA Certified Pistol Instructor NRA Certified Rifle Instructor NRA Life Member | |||
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| Needs a check up from the neck up |
XxThis message has been edited. Last edited by: Timdogg6, __________________________ The entire reason for the Second Amendment is not for hunting, it’s not for target shooting … it’s there so that you and I can protect our homes and our children and and our families and our lives. And it’s also there as fundamental check on government tyranny. Sen Ted Cruz | |||
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| Member |
What was the fee disclosed for appraisal on the initial disclosure / loan estimate ? That is what they are allowed to charge up to. And less if it’s less. They are allowed to collect an up front fee, but that 695 should be reflected as a prepaid fee in the final settlement. If they disclosed 695 and the invoice from appraiser was 1670, the bank eats the loss. Note this applies to primary res residential loans. Something doesn’t add up. Also at least my bank if we disclosed 695 and actual was 1670 we would show 1670 as the fee on the final settlement and a bank credit of the difference. Are you sure there is no bank credit on the final settlement? | |||
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