We didn't close on the home, do I still have to pay the appraisal fee?
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UNLESS there is an attorney's fee provision in the contract with the lender.
Speak with a local real estate attorney. You can find one at the link below.
We didn't close on the home, do I still have to pay the appraisal fee?No, you dont have to. He ordered it for his bank. You didnt. He is trying to recoop some money. Tell him to piss off.
We didn't close on the home, do I still have to pay the appraisal fee?Unfortunately, the loan officer is using scare tactic to recover any fees that he was forced to absorb by you pulling out of the deal. You had every right to walk away! Good thinking on your part.
We didn't close on the home, do I still have to pay the appraisal fee?The appraisals are usually done by independent appraisers, who just do their job. They have nothing to do with your problem and they have no idea about your interest rates, loans, your relationship with a loan broker, etc. All they do is appraise the property and they have to be paid for the job.
I'm actually surprised that the guy, who did the appraisal didn't ask to be paid upfront. Not many appraisers agree to be paid at closing just because of the situation you described.
I'm a real estate agent and I always go to a property when an appraiser comes in. Almost every time an appraiser asks to be paid upfront.
I think the appraiser was not paid by your former loan broker and he is demanding the payment, and the broker wants it from you.
If the appraiser takes you to court, he'll tell the judge: "Why is it my fault? I did my job and had nothing to do with the rest of the problems." And the judge will agree with him.
If the broker already paid the appraiser, which is unlikely, you can try to keep stalling. Can you contact the guy, who did actual appraisal and ask him if he was paid? If not, you'll have to pay.
All this is true, if your were NOT promised free appraisal by your former broker.
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