We didn't close on the home, do I still have to pay the appraisal fee?
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We were approached by a broker who set up a home loan for us. When we went to close on our loan, the interest rate was outragious (and not what was promised to us) and there where all these little things that were thrown in that would cost us extra. We decided not to sign , and when we about to leave the Escrow officer told us in confidence that we almost just got screwed over. He said that it was a horrible loan with a horrible interest rate. Being first time homebuyers, we were lucky that we caught these things and we called the broker to discuss the loan and he was rude to us and short with us when we confronted him about the interest rate. We went with another lender and everything went well.The 1st broker ordered the appraisal and we refused to pay them a dime because of their dishonesty. Are we responsible for it legally? It has been 9 months since this happened and we got a letter today from the broker and he threatened to sue us if we don't pay. Do we have to legally?
We didn't close on the home, do I still have to pay the appraisal fee?The person or company who ordered the appraisal is the one who has the contractual obligation to pay the appraiser. That is almost always the lender. You, as the borrower, may have contractually agreed to reimburse the lender for that expense. However, if the lender did not perform as he contractually agreed, then he cannot rely upon your contract with him to collect.
A three to six hundred dollar appraisal is not worth litigating. It is cheaper to simply pay. Of course, the same applies to the lender ....
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