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Appraisal fee

Elk Grove, CA |
Filed under: Real estate

I was ask to pay the appraisal fee ahead of time. In response to Kelvin Green , I didn't request for appraisal to determine the ltv. It was expect of me from the lender. But because after appraisal , it turn out that it didn't have enough equity so I had to put in more money for the loan so I cancel the loan. How would I know if I am entitle to my deposit with 3 day rescind law?

Attorney Answers 3


It is not clear what you are asking.

If you paid for an appraisal outside of closing (i.e., it was not going to be rolled into your loan), then the broker or lender does not have to refund the fee.

If this answer was helpful, please mark it as helpful or as a best answer. This answer is for general education purposes only. It neither creates an attorney-client relationship nor provides legal guidance or advice. The answer is based on the limited information provided and the answer might be different had additional information been provided. You should consult an attorney.

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It all depends upon the agreement between you and the lender. For a debtor making a real estate loan application, it is the debtor's responsibility to establish that the loan to value ratio is acceptable to the lender. The only way that can be done is through an updated appraisal. Most likely, you don't have any recourse to recover your appraisal fees. The three days rescission is applicable when you have the loan terms established. Here the lender granted you a lower loan amount, and you rejected. Edward C. Ip

No attorney / client relationship established. The answr is for discussion and general information only. The lawyer had not reviewed any documents or contract prior to the above comments.

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you have no loan to rescind. the appraisal fee is likely not refundable

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