Refund for Appraisal After Loan was Declined?
I gave my credit card info to a broker to order an appraisal and after it was done, the loan was declined. Am I entitled to a refund of the appraisal fee since it was done in order to complete the refinance? There was no problem with value. The loan was declined after I was pre-approved. by BradlySage697 from Detroit, Michigan. Mar 1st 2017
Sara Deere (Mortgagequeen2)
#15 ranked lender in Missouri - 608 contributions
By paying for the appraisal already, by law you are to receive a copy of the appraisal. Work was done by appraiser, and part of your payment pays the appraiser.
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
The appraiser did his job, and was paid. The fact the loan was denied has no bearing on the work the appraiser did, and his payment for the work. You are not entitled to any refund. It is common for people to not want to pay the appraiser if the deal falls apart. This the exact situation of why the appraisal is paid up front. Appraisers, like any other profession, don't care to do a job, and then not be paid.
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