You would be out the appraisal fee if you paid it out of pocket, otherwise, unless there is something stated in the escrow instructions if signed by you, or the purchase contract signed by you, then nothing else would apply.
Review your contract and escrow instructions. If push comes to shove, consult with a real estate attorney.
All the best,
Kat Becker, Realtor
Prudential California Realty
Many buyers go through buyers remorse after they have entered into escrow, this is simply when they get worried about the big purchase and nervous, it is very common, however-real estate is still a good investment. I recommend to weigh all your options and speak with your Realtor and then you can make an educated decision is cancelling is right for you.
Have a great day,
Heather Paul, Realtor
The terms and conditions that determine when, how, and who is responsible for costs when an escrow is cancelled are different for each transaction and spelled out in your purchase contract and supplemental escrow instructions.
In a typical residential transaction in Southern California, each party will be responsible for their own incurred fees. Therefore anything you've paid out of pocket will be your loss in the case of a cancellation. Financing fees such as appraisal and other bank fees are either paid up front by the buyer to direct to the lender, or they are paid as part of your closing costs at close of escrow. If you did not pay them out of pocket up front, you may request your lender waive those fees since you did not complete the loan. Most likely, the appraisal fee will be your loss since the appraiser performed his service.
Regarding the fees you have not paid yet, such as escrow, title, etc... Most reputable escrow companies will waive their fee all together or charge a minimal cancellation fee for the time they spent on the file. Title will waive their fee if the transaction is not complete.
Hope this helps, and best of luck!
Allan S. Glass
ASG Real Estate Inc. Â®
149 S. Barrington Ave, Suite #660
Los Angeles . CA 90049
Direct: 213.973.8637 (213.97.FUNDS)
CA License: 01154002
Visit Allanâ€™s Blog: http://allanglass.featuredblog.com
Also if there is an HOA there may be a fee if the HOA docs have been ordered.
If you paid for a home inspection or an appraisal those expenses you usually will have to endure no matter what the reason is you canceled. It wouldn't hurt to ask the lender that you stay loyal to them if they would credit you one appraisal at the close of escrow on your next purchase. It never hurts to ask.
This all depends as well if you had not removed your contingencies yet and it was do to an item in the CAR purchase contract.
If you have already paid for your appraisal and inspections, you are out that money. None of those costs are transferable to the next property you buy. If you have incurred any escrow fees, such as wire or notary costs, you may be out those fees as well.
If you are the seller, you may have incurred fees such as termite or 9A report. Both of those items are related to your property and can be sent forward to your next escrow.
For both buyer and seller, you can negotiate fees by offering to bring your next escrow back to the same officer. While you may still have to pay them now, you can probably get a discount on transaction #2.
The Bremner Group at Coldwell Banker
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