QUESTION
CAN I GET A REFUND FOR AN APPRAISAL FEE ON A PROPERTY IF A REFINANCE LOAN IS DENIED.
Asked on May 22nd, 2012 on Real Estate - Massachusetts
More details to this question:
BEFORE I HAD THE PROPERTY INSPECTED I HAD PUT A CLAIM WITH AMERICA EXPRESS TO STOP PAYMENT FOR $595.00 FOR THE APPRAISAL FEE TILL I HAD ASSURANCE FROM THE CO.. THAT THE LOAN WAS OK AND IT WOULD BE APPROVED. I RECEIVED ASSURANCE BY PHONE THAT EVERYTHING WAS OK BY A LOAN OFFICER. THEN I WENT AHEAD AND HAD THE PROPERTY INSPECTED AND PAID FOR THE APPRAISAL FEE. LATTER ON I RECECEIVED WORD THAT THE LOAN WAS DENIED. NOW I AM STUCK WITH THE APPRAISAL FEE WITCH I CANNOT USE FOR LOAN APPLICATION WITH ANOTHER CO.
1 ANSWER
Real Estate Law Attorney serving Anniston, AL
at
Isom Stanko & Senter, LLC
Update Your Profile
Ordinarily you cannot claim reimbursement for work performed by outside contractors in connection with a loan application. The appraiser is normally an independent contractor who has nothing to do with the mortgage lender or the strength/weakness of an application. The appraiser performs his services for the lender and the lender ORDINARILY requires the applicant to agree to the payment of such as a condition to processing the loan application. It would be an unusual circumstance where a mortgage lender or mortgage broker would agree to pay for such.
Answered on May 26th, 2012 at 12:56 PM