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Old 05-09-2012, 01:59 PM
 
Location: New Jersey
560 posts, read 535,686 times
Reputation: 872

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Weichert is terrible!!!! They tried to persuade us for much higher loan even though we told them very specific numbers; knowing in the few years we'll be living on one salary when I leave the workforce to raise our children. Wells fargo who we ended up in the end for our mortgage, since they LISTENED to our needs and have nothing but good to say about that company.
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Old 06-08-2012, 01:37 AM
 
1 posts, read 1,674 times
Reputation: 11
Worst ever! Very disorganized and poor communication within the system and clients!!! Go elsewhere. Def regret working with these people
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Old 06-08-2012, 09:59 AM
 
Location: Northern NJ
271 posts, read 1,016,106 times
Reputation: 158
I beg to differ but so far I've had a wonderful experience with Weichert Financials. They have been responsive and the process has been clear, not to mention they offered me the lowest monthly payment.
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Old 06-08-2012, 05:29 PM
 
Location: New Jersey
11,290 posts, read 16,570,887 times
Reputation: 13239
To me it's conflict of interest buying a house from them and using their mortgage company.
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Old 06-08-2012, 07:07 PM
 
Location: Martinsville, NJ
6,175 posts, read 12,891,849 times
Reputation: 4019
Quote:
Originally Posted by camaro69 View Post
To me it's conflict of interest buying a house from them and using their mortgage company.
Interesting take. Please explain what conflict you see.
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Old 06-08-2012, 09:31 PM
 
Location: New Jersey
11,290 posts, read 16,570,887 times
Reputation: 13239
Quote:
Originally Posted by Bill Keegan View Post
Interesting take. Please explain what conflict you see.
Weichert Mortgage company will hire an appraiser. If they don't agree that the house is worth the price paid, no mortgage and no house sale to Weichert Realty.

Therefore, it would pay on both ends for the appraiser to agree on the house price no matter what to keep Weichert happy.

To me that would be like the seller owning an Appraisal company and the buyer using it. Why would they not say that the house is worth the price.
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Old 06-09-2012, 09:56 PM
 
Location: Northern NJ
271 posts, read 1,016,106 times
Reputation: 158
Quote:
Originally Posted by camaro69 View Post
Weichert Mortgage company will hire an appraiser. If they don't agree that the house is worth the price paid, no mortgage and no house sale to Weichert Realty.

Therefore, it would pay on both ends for the appraiser to agree on the house price no matter what to keep Weichert happy.

To me that would be like the seller owning an Appraisal company and the buyer using it. Why would they not say that the house is worth the price.
Sounds like it will be double advantage when buyer's agent is Weichert and mortgage is also from them, no chance of appraised value being lower than buying price.
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Old 06-10-2012, 06:37 AM
 
Location: New Jersey
11,290 posts, read 16,570,887 times
Reputation: 13239
Quote:
Originally Posted by re_alvz View Post
Sounds like it will be double advantage when buyer's agent is Weichert and mortgage is also from them, no chance of appraised value being lower than buying price.
That's what I'm saying.

But the advantge is just for Weichert, not the buyer.

Just to give you an example. There was a bidding war on a house that sold recently by me and it went for about $50,000 over the asking price. No way was the house worth it, but if it was sold by Weichert and the mortgage is also going through Weichert, there's an excellent chance the appraisel will come out at the selling price.

While that helps others trying to sell their houses in the area, it hurts that buyer as it gives an artificial sense of the true value of the house. If he tries to sell he's going to be in for a shock. Plus there's the extra cost of taxes being paid on the sold price and insurance that will cost that buyer a lot of money over the years.
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Old 06-10-2012, 08:28 AM
 
Location: Northern NJ
271 posts, read 1,016,106 times
Reputation: 158
Quote:
Originally Posted by camaro69 View Post
That's what I'm saying.

But the advantge is just for Weichert, not the buyer.

Just to give you an example. There was a bidding war on a house that sold recently by me and it went for about $50,000 over the asking price. No way was the house worth it, but if it was sold by Weichert and the mortgage is also going through Weichert, there's an excellent chance the appraisel will come out at the selling price.

While that helps others trying to sell their houses in the area, it hurts that buyer as it gives an artificial sense of the true value of the house. If he tries to sell he's going to be in for a shock. Plus there's the extra cost of taxes being paid on the sold price and insurance that will cost that buyer a lot of money over the years.
Having been in these bidding wars, all I can say sometimes its good to have a appraiser be slightly towards your side. Everybody is expecting houses to be dirt cheap nowadays however thats not the case with every town/neighborhood. Lot of houses are going way above the asking price.

Anyway, the value of a house is relative from one person to another, so appraisal going through is good thing for most people who can afford to own a house and wouldn't run into financial issues down the road to be able to forced out into a foreclosure.

But of course if you are buying a house above maximum market value of the house, you are getting a really bad deal but a bad deal for one maybe steal for another.
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Old 06-10-2012, 11:38 AM
 
Location: Martinsville, NJ
6,175 posts, read 12,891,849 times
Reputation: 4019
Quote:
Originally Posted by camaro69 View Post
That's what I'm saying.

But the advantge is just for Weichert, not the buyer.

Just to give you an example. There was a bidding war on a house that sold recently by me and it went for about $50,000 over the asking price. No way was the house worth it, but if it was sold by Weichert and the mortgage is also going through Weichert, there's an excellent chance the appraisel will come out at the selling price.

While that helps others trying to sell their houses in the area, it hurts that buyer as it gives an artificial sense of the true value of the house. If he tries to sell he's going to be in for a shock. Plus there's the extra cost of taxes being paid on the sold price and insurance that will cost that buyer a lot of money over the years.
So you're saying that you think the appraiser is going to OVER VALUE the house in order to be sure the real estate agent gets a sale? And we think the lender is going to encourage this practice, which will result in said lender lending more than the house is worth? Because lenders want to have collateral that isn't worth what they lend?
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