Home Buying in Houston>Question Details

hubspad, Real Estate Pro in Houston, TX

We paid for a appraisal on the home were purchasing and a home we currently own. The loan is an FHA and the day we were supposed to close they pulled

Asked by hubspad, Houston, TX Tue Jul 2, 2013

the loan. We found another lender who got us another FHA loan and it just closed. Now the first lender is saying we owe $800 for appraisals. Do we owe for the appraisals from the first lender who couldn't get our loan?

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How did the second lender get another case number on the house you bought? Something doesn’t sound right to me. The first lender could not do an FHA appraisal without first pulling an FHA case number, that number should be valid for 6 months and the appraisal should have been transferred to the second lender. They are also not supposed to send out an appraiser without first paying them, did they pay them on your behalf? Did you authorize or ask them to do that?

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
Web Reference: http://jamessimms.com/
1 vote Thank Flag Link Wed Jul 3, 2013
Is it a flip home that was sold 4 months or less after the flipper purchased it? Sometimes certain lenders require 2 appraisals onFHA loans if that's the case. And yes, even if the lender pulled out last minute, you still need to pay for the appraisal since it is done through a 3rd party.
0 votes Thank Flag Link Sun Jul 7, 2013
Please provide the name of the original lender who pulled the plug the day you were supposed to close.
In most cases, you are responsible for paying for the appraisal and inspection. Even if the bank betrayed you.
Many sellers are aware of this pattern of behavior from specific banks and require a buyer to have a plan B identifed. Thank goodness you did have a plan B. This policy not only protects the seler, but as you found out, protects the buyer also.
Who is the bank?

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Grou[
Palm Harbor, FL
0 votes Thank Flag Link Wed Jul 3, 2013
Usually you pay the appraiser directly out of your own pocket and the lender will usually give you credit for it at closing. When they came out to apprised the house did you pay them? Appraisals usually cost about $400.

I can't speak to the circumstances surrounding your situation but it sounds unusual. Especially if you received appraisals without paying the appraiser first. So the answer is it is possible that you owe the money if you didn't actually pay for them.
0 votes Thank Flag Link Wed Jul 3, 2013
Sounds to me like you do. The appraisals and the loan are not connected. They are separate transactions. If the appraisals were completed, then you owe the appraisers the money for completing the appraisals.
0 votes Thank Flag Link Tue Jul 2, 2013
Did they do more than one appraisal? Did they say why?
0 votes Thank Flag Link Tue Jul 2, 2013
$400 apice sounds about right:
If you look on your Loan Application; you should see the verbage that you signed.
0 votes Thank Flag Link Tue Jul 2, 2013
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