Mortgage Loans

[RABQUE]

Is the cost of the home inspection and appraisal generally an upfront cost?

[mickie08]

Yes, they are usually paid by the buyer upfront.

[eddymvp]

you pay them upfront however you get re-imburst for the appraisal at the closing cost. Unfortunately the home inspections is not refundable.

[1111mel]

The appraisal is paid by the bank in closing costs.............

The inspection is paid by you............Foolishly I didn't bring my check at the time and had to mail for it.

The Appraisal is ALL internal...............NO $$ out of your pocket. 

[raj47]

question?  I'm confused, we too already paid $350 for an appraisal.  What do you mean we get it back at closing?

[rmily]

You (or the seller) have to pay for your appraisal.  Usually you pay for it at closing as it is included in the closing costs.  If the seller is covering all of your closing costs then they will be paying for it.  If you paid for it prior to closing and the buyer is covering your closing costs then I would assume you'll be getting credit for that at closing.

[raj47]

Thank you so much, got it!  I wasn't aware that it was credited at closing.   We paid upfront and the sellar is paying all closing costs.

Thanks again

[solorider]

I paid $395 for Inspection an just paid $400 for Appraisal.  The seller is paying $5000 toward closing costs.  Does this mean the Appraisal $400 will credit to me at closing out of seller's contribution toward closing?  Does the Inspection  get credited as well if there is enough seller contribution toward close costs? 

[rockymtngrl]

It just depends on how much your closing costs are. You should be able to look at your GFE and figure it out. If not ask your LO. As far as the inspection no you won't get credit for that at the closing.

[Sommery]

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1111mel wrote:

The appraisal is paid by the bank in closing costs.............

The inspection is paid by you............Foolishly I didn't bring my check at the time and had to mail for it.

The Appraisal is ALL internal...............NO $$ out of your pocket. 

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I think this depends on your bank. I thought this would be paid at closing, but my bank requires that the appraisal be paid for ahead of time. My LO said that it would be credited as prepaid at closing, and if the seller paid closing costs are enough, I will get a refund.