appraisal woes

[Anonymous]

Hey all, i have a question.  I had a mortgage broker who preapproved me but then couldnt get me the loan after all the appraisals and inspections were done.  I then took to another loan company and got the loan.  However, now he is expecting me to pay for the appraisal for a loan that didnt go through what should i do?? Do i really owe this money?

thanks everyone

[Anonymous]

Most appraisals are free. But there are a lot of scammers out there. File with BBB right away. 

[cdtotten]

Typically appraisals cost $300-400. It is the responsibility of the buyer to pay for the appraisal in most cases. If you were attempting to get a loan on the property, an appraisal was necessary and thus you are responsible for the cost. Hopefully this helps.

[XAVIERSMAMA]

I had to pay for my appraisal upfront, some lenders will do it for free, some require it upfront and some expect you to pay it with the rest of your closing costs.  Is the new lender asking you to pay for the appraisal to be transferred to them or is the old lender requesting you pay for the appraisal?  Either way I'm sure it's in the mortgage application that you signed who is responsible for the appraisal fee.

[Anonymous]

Appraislas are pretty much never free.  Some banks will allow you to add them to the closing costs at the end, but if the loan falls through, it is recoverable money, just like credit pull fees.  They can bill you for them.  Many bank do not do this because it costs more effort and time to collect this money than it is worth, and they just eat that as part of  loan processing.  Some banks will bill you for it if the loan falls through though.  Any outside agency that they have to pay for an item for the lona can generally be charged back to the customer if it is not paid out of closing costs I believe.  Again, just becuase not all banks do this, does not mean they do not have the right to.

[Jazzzy]

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@Anonymous wrote:

Hey all, i have a question.  I had a mortgage broker who preapproved me but then couldnt get me the loan after all the appraisals and inspections were done.  I then took to another loan company and got the loan.  However, now he is expecting me to pay for the appraisal for a loan that didnt go through what should i do?? Do i really owe this money?

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You'll have to read what you signed and see what it says.