Consumer complaint received 2020-10-15
Product: Mortgage — Other type of mortgage
Issue: Closing on a mortgage — 
Company: STATE EMPLOYEES CREDIT UNION (NY)

I feel incredibly swindled and disturbed by the intentional lowballing of my home price and BAD FAITH approach by State Employees Credit Union on XXXX XXXX  XXXX XXXX in XXXX, North Carolina. How in the world is a bank permitted to intentionally sabotage and practically steal from a seller {$24000.00} in actual and factual assets less than one week before their client closed on a house? That's EXACTLY what happened to me. As you see below from my realtor, XXXX XXXX, who works for XXXX XXXX - both her and her colleagues have never seen such a scheme take place and executed so well by a bank. The swindling of State Employees Credit Union and XXXX XXXX XXXX of my assets are nothing short of unethical, illegal and clear demonstration of BAD FAITH. State Employees Credit Union set me up to fail ( as the seller ) less than one week before their clients had to close on my house on XXXX XXXX XXXX in XXXX, NC. All the while knowing my family and I had vacated and left the state to allow their to client move in when ready. In the end the banks BAD FAITH scheme cost me to be shortchanged {$24000.00} by pulling a last-minute stunt to intentionally devalue my home to the benefit of their client via a shady and unethical appraiser. My house was listed for {$250000.00} with the buyers being pre-approved for that amount via State Employees Credit Union. The buyers then asked if I could accept {$240000.00} instead. I didnt even hesitate to approve it and that same day the buyers sent me a letter, via their realtor ( which in itself is unethical ), thanking me for lowering the price and stating how much they loved my home and how pristine it was and one of a kind with TLC showing all over it. They went on to say that as a young couple, newly married and wanting this being their dream house, they would love and appreciate my home fully. They even sent a picture of themselves to really push their efforts. I have a great heart and although Im on full XXXX, I wanted the home to go to this wonderful couple people at {$240000.00}, although it was going to be coming out of my pocket losing {$8000.00} in a very hot home sellers market which I could have kept on the market and not sell it in just one week. Even while on XXXX Ive put well over {$60000.00} of investments in over 2 years ( as this home was my only savings ) into the house as it was my love and pride. Thats how passionate I was about my home. With major upgrades and energy efficiency 2nd to none in the neighborhood or in XXXX XXXX for that matter, I was told by my realtor XXXX XXXX ( XXXX XXXX XXXX, that once the appraiser gave their estimate for the home that there would be the TONS of comps added to raise the overall value to be well over the {$240000.00}. I was told that we would reach the {$240000.00} figure as there were upwards of $ XXXX in comps. 
But this is where a scheme was played on me. With the banks permission, their appointed appraiser ( XXXX XXXX XXXX of XXXX XXXX XXXX in XXXX, NC XXXX came to my home fully knowing I had vacated the property and began using the completely wrong coms/comparables when pricing my home. My realtor contacted and appealed the appraisal 's terrible and unethical work with State Employees Credit Union clearly showing every line item the appraiser had missed or had done wrong. The State Employees Credit Union did not care one bit and denied our solid, detailed and factual appeal? That's disturbing and clearly shows it was all a set up to intentionally devalue my house in favor of the bank and its client. This is downright unethical and illegal from the standards both State Employees Credit Union and their appraisers should have to follow ethical policies governed by the LAW! Using the completely wrong homes and homes that don't exist as comperables is jaw dropping. Completely denying comps and pretending assets didnt exist is downright disturbing. 
What Im not understanding also is how the bank refused to even consider our line by line detailed information and EVIDENCE of the errors and omissions by their appraiser who was in a rush going to his next gig and short changing me {$24000.00} in assets owed to me? I was intentionally lowballed {$24000.00} due to State Employees Credit Union actions and they are now turning a blind eye? I am confident that this was all scripted to favor the bank 's best interest and the interest of their client to the detriment of me as the innocent and naive seller who had all good and transparent intentions in mind. 

With less than a week to closing and this last minute curveball thrown at me I was given two choices : either accept the extortion being committed upon me and lose the {$24000.00} out of pocket that was owed to me and leave FREE ASSETS to the buyers or be potentially sued for pulling out of a contract with less a week to go. That's extortion at its highest degree and I'm very disturbed by it. 

I am owed {$24000.00} fair and square by State Employees Credit Union and their shady appraiser XXXX XXXX XXXX of XXXX XXXX XXXX. They intentionally omitted facts in favor of the bank and its buyer knowing with less than a week to go from closing that I had no recourse living out of state and the property being already vacated. It is extremely worrisome how my own realtor pointed out the flaws in the appraisal with evidence and it was still ignored. The appraiser had compared homes to mine that didnt even exist or were the wrong homes to compare entirely. Other examples, as there are many others as you can see below, are the solar panels, the thermal shield inside my roof with over {$30000.00} in costs out of my own pocket with interest which will save the new homebuyers over {$2000.00} in electric costs a year. The appraiser valued the entire package at {$5000.00}? Are you kidding me? The national average is a 10 % value to your house but this uneducated appraiser at XXXX XXXX XXXX and a bank who condoned it, valued this extreme asset and value for years to come at only .5 % of the overall home value? This is downright disturbing. At this point, I am giving FDIC the opportunity to cure this issue with State Employees Credit Union or I will have to file with the banking commissions, the FTC and Attorney General of North Carolina to protect future victims of this scheme. 

What really makes this entire scenario disturbing was that in the last month alone I had paid well over {$2000.00} to have the home professionally fumigated, cleaned, landscaped and cared for all so the new owners ( remember that my gorgeous home was less than 3 years old ) would feel the same passion and love I had put into the property for the last 2 years. That is how ethical and professional I am. During this whole ordeal, I can not say the same for State Employees Credit Union and XXXX XXXX   XXXX. I am owed {$24000.00} that I rightfully invested into my home with the appropriate comparables/comps that should have been used in the first place. 

Please advise, XXXX XXXX XXXX XXXX XXXX XXXX, NY XXXX XXXX