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Wells Fargo apprasial question
Posted on 10/3/16 at 12:53 pm
Posted on 10/3/16 at 12:53 pm
I had my house appraised to remove PMI last week. Luckily it appraised for 73% LTV, so bye PMI. I had called about a yea ago and they sent a letter stating the appraisal would be 350-450 range. I by mistake threw this letter away. This time, they said the appraisal by their guy would be 550 and I had no other choice but to use their services. I did receive ,y appraisal Friday and the guy they appointed stated this fee was 395.
do I have any recourse to get some money back from wells fargo over charging me by 155 for an appraisal? should I contest the charge on my credit card?
do I have any recourse to get some money back from wells fargo over charging me by 155 for an appraisal? should I contest the charge on my credit card?
3
Posted on 10/3/16 at 12:57 pm to lsuCJ5
It is pretty typical for banks to charge the borrower a fee on top of the appraiser's fee.
Posted on 10/3/16 at 1:58 pm to lsuCJ5
Appraisal review fee. You got the PMI removed. Be happy with it.
Posted on 10/3/16 at 2:13 pm to lsuCJ5
Yup, the appraisal review fee is for their in house appraisers to look at the appraisal and "accept" it. This is done for commercial appraisals too, but they will usually quote it all in one price, as in your case.
All banks do it, you aren't getting hustled.
All banks do it, you aren't getting hustled.
Posted on 10/4/16 at 8:01 am to Wortivi22
quote:
All banks do it, you aren't getting hustled.
"Every bank would have fricked you the same way, so it's ok"
Posted on 10/4/16 at 9:41 am to Mr.Perfect
quote:
"Every bank would have fricked you the same way, so it's ok"
my point exactly. A quick Google search will show you many class action law suits from customers of well fargo because they have been caught red handed doing similar tactics for years.
Posted on 10/4/16 at 10:27 am to lsuCJ5
The lender has every right to review the appraisal and to charge you for the review.
Posted on 10/4/16 at 2:50 pm to lsuCJ5
My apologies.
By all means, you should contest the charge on your credit card and contact an attorney immediately. I think you are on to something here . . .
By all means, you should contest the charge on your credit card and contact an attorney immediately. I think you are on to something here . . .
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