11-18-2012 12:15 PM - edited 11-18-2012 12:16 PM
I want to alert Redfin users against PNC Mortgage. They failed to close on my home not once, but twice! (total time = 60 days). Reason given was they couldn't complete the appraisal on time. They took $500 appraisal money from me the day I applied for the loan. This money is lost - no receipts have been given to me. They advertise on their website, that they would write a check for $500 if they fail to close - this also turned out to be a broken promise. As it is, I think the company does limited to no business. I went to them after getting a referral from certain source, but none of my friends had heard of this company.
11-19-2012 09:19 AM
Fact is, prepaid appraisals are a crap sandwich. To prepay a so-called pro (often questionable) who may not even be particularly hardworking or competent, is to prepay for appraisal in the current market. It is compelling that this is not a greater issue for folks. Banks are not exposing themselves to this expense or level of questionable-value professionalism and consumer prepay is now a standard practice for valuation. Consumers pay for good or worthless appraisal services all the same...as your post suggests, it can be terribly expensive.
In my experience, many appraisers are on par with the shady... shady realtors/lenders/etc. I've encountered many that are and were corrupt plus quite righteous about it all. Pays the same. In fact, I think the good ones are harmed by the lack of recognition that they have integrity and work in earnest. As suggested, pays the same.
Best to You and appreciation for the alert.
11-19-2012 10:14 AM - edited 11-19-2012 01:45 PM
Hello Trapp -
If you want to contact me offline with the specifics of your situation I would be happy to try and help you get your $500 appraisal money back. If they promised to refund your $500 if they did not close on time and did not refund your money, this is wrong. I am trying to reach my goal of providing people like you in need of assistance with 50 hours of pro bono services by the end of the year. To clarify, pro bono means providing professional services voluntarily and without payment as a public service. No guarantees, but I will do my best to help.