My husband and I were preapproved for a mortgage through our bank.?
by Mortgage Rates on Saturday, November 6th, 2010 | 5 Comments
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evidently the bank has a copy of the contract on the property that you are trying to buy.. Seems it might be stated somewhere that you are required to get the loan thru them..
Seems you have a loan in process. and they would not appraise it if the title is not in preparation stages.. You best talk with your Sales agent.
remember the comment, hitting
a fly with a sledge hammer?
or….being upset because of others’
actions?
My bank did a similar thing
last mo.
You have two simple choices–
ask them candidly to not seek to bill you for an appraisal that you do not need………or
pay for it and say nothing.
I have no knowledge of your history
with your bank but maybe eating the
$300 will bring you good vibes,
or other benefits. IT is also
an expense you can write off.
I do not know how important things
are to you.
for now, then, just casually mention–
‘hey joe, since we did not agree
to this appraisal, can you eat its expense?
and nothing more. IF they are
casual about it, problem solved.
IF they get huffy, just accept it.
thanks for asking
[i got hit with 2, $5 bills for stuff
I did not order; I got mad and then
they offered to pay for one. I relented.]
What did you sign when you applied for “preapproval”?
When I was a loan officer, we ordered appraisals like this all the time and I never once had an issue. Of course, I made dang sure I was getting the business before I exposed myself to the possibility of buying an appraisal from the company we sent out there.
I would try to find out who is the big cheese over there at the bank and get his direct dial phone number. Start with the sales manager. He has a boss. Find out who that is and speak to them. Probably some sort of VP. Speak to him/her and voice your concern over this gross negligence on the part of the bank employees involved. Inform them you will be paying them nothing, since you never ordered these services in the first place. They were ordered by an overzealous loan officer who assumed s/he had your business. Let them pay for it.
Follow up immediately with a letter reinforcing your position. At the bottom of the letter on the left hand side put the following in a font smaller than the rest of the letter:
“cc: Dept of Banking” That ought to scare the crap out of them!
They’re just trying to bully you into using them for the purchase. Don’t buy into it!!
Quick Answer – You do not have to pay them a dime. If you never signed anything, you’re fine. Anytime you are responsible for an appraisal is if you actually signed an authorization to perform one or paid by check or cash to the appraiser directly as agreed upon. Ignore your bank and get ready to enjoy your new refinance. I hope you got the payment and rate you earned. Cheers.