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Do I have to pay the appraisal fee?

I have thought of applying for two loans for two properties, one requiring an appraisal fee and the other without the appraisal fee. But two appraisals were done on the properties. Now, the fees came up to $4000 more than what was quoted. So I denied to accept the loans. But I'm really confused , is it that I am still responsible for the appraisals. Is it for one appraisal that I have to pay or for both because the good faith estimate for one loan mentioned the appraisal fee and not the other. I did have a talk with the loan officer that I wouldn't at all go for the loan. But now I've got to know that the officer has quit his job, and the broker tells me to pay the appraisal fee. I haven't yet signed any papers except for them to check my credit score. So, am I obligated to pay the loan?? I think they told me some lie about the fee? Has anyone here gone through this before??pls advice

jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello Mickey,

I feel really sorry for the state that you are. But here, instead of being confused, you need to think of a solution rationally

Under the Real Estate Settlement Procedures Act (RESPA), the Good Faith estimate would contain the detail of most of the lender's closing cost, which has to be given to all loan applicants at the time of applying for the loan. The agency is required by law to send this within 3 days.

Like | Dislike | Share | Posted: Thu, 06/21/2007 - 03:55 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello Mickey,

As you said, the appraisal fee of one is mentioned and the other is not. So have you checked whether the fee has been clubbed by some other loan? You can also inquire from the lender the reason behind asking for a larger sum than the one quoted.

Like | Dislike | Share | Posted: Thu, 06/21/2007 - 04:58 | Post subject:

mike.shapiro's picture
mike.shapiro | Joined: May 4, 2007 09:51 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Do you have the appraisers phone number? If so call and ask the appraiser if the lender has put bill lender on the appraisal request or if they said COD (paid by borrower).

If it was bill lender and the lender didn't mention this fee to you, I 'believe" you should be in the clear and the lender is responsible for the payment.

Like | Dislike | Share | Posted: Fri, 06/22/2007 - 09:41 | Post subject:

liaoyu03's picture
liaoyu03 | Joined: September 9, 2007 08:43 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

it will be consult with each other who will pay the appraise fee.

Like | Dislike | Share | Posted: Mon, 10/08/2007 - 07:39 | Post subject:

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