Lending Tree Complaint - Way Off Property Appraisals Interfering With Loans
IRVINE, CALIFORNIA -- Property appraisals being used by Lending Tree for some reason are way, way, off. Much too low. This interferes with getting a loan.
I was approved for a loan by Lending Tree "subject to" an appraisal. When the appraisal came in it used "comparables" in different neighborhoods that weren't comparable to my house. High value properties in my neighborhood were for some reason excluded from the appraisal. If the appraisal is right, my property has depreciated about 60% since 2002. In a very solid neighborhood. And I don't live in one of the problem states or cities. I have gotten 5 appraisals going back 10 years that say that the Lending Tree appraisal is way off, even assuming a fairly high level of property value declines in the last 2 years. But even worse, the house two doors down from mine, which is very similar, sold 3 months ago for 60% over what the Lending Tree appraisal says my house is worth. But Lending Tree won't use this almost perfect comparable because of "market conditions" (market conditions for 3 months??) and because the "comparables" in its appraisal are a month or two more recent. In other words, they won't use a perfect comparable that's only 3 months old but will use a "comparable" half a mile away in a very different neighborhood???? And they aren't concerned that a perfect, real comparable that's 3 months old is 60% over their appraisal? What's going on here?