The appraisal is not done yet but the lender has past underwriting. Can I get my appraisal fee back if I choose not closing?

Asked by Tp, 94404 Thu Jul 15, 2010

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9
David Tapper, Agent, Burlingame, CA
Thu Jul 15, 2010
The lender might have an approval, but it must submit the appraisal along with the contract and pre-lim before they underwriter can sign off on it.

When you ask your lender/mortgage professional a question, make sure it 's in writing.

If the appraisal has already been done, but not finished and sent to the lender, you may have to pay. Call and find out.

Tap
1 vote
, ,
Thu Sep 27, 2012
Here in New York banking regulations state that you can get a full refund of the appraisal fee if the appraisal has not been performed. I recommend you read the disclosures provided to you at application to inquire about this regulation in your State or speak with your Mortgage Professional.

Trevor Curran
NMLS #40140
0 votes
, ,
Fri Sep 21, 2012
If the appraisal has not yet been performed and there has been no cost incurred, I would give you your money back. This is handled however each indivual loan agent or office wants to handle this.

Personally, I am not in this business to hold onto your appraisal fee! I am about good will and if you choose not to close for whatever reason, why not give you back your funds.

When you are ready to close, you will have a positive feel about that person and go back to them.

No refund? Bad feelings.

Good business!
0 votes
Scott Sheldon, , Petaluma, CA
Wed Sep 29, 2010
You will definitely not be able to get the appraisal money back. However if you are choosing to work with a different lender you can request that they reimburse you for the old appraisal. I have clients come to me with situations like this and I am usually more than happy to help them. Good luck and if I can be of service feel free to bounce anything off me. My phone number is 707-217-4000.

Thanks Scott
0 votes
Christopher…, , San Francisco, CA
Fri Jul 23, 2010
Once the appraisal is complete, you probibly won't be able to get the fee back unless you negotiate something with the lender. The Appraiser has provided you a service and should be paid regardless of if you close the home.


Christopher Pohlman
DRE 01838445
1.888.669.8881 Toll Free
650.288.9033 Cell
Christopher@YourNewRealtor.com
0 votes
Gilbert Rich…, , Santa Clara County, CA
Fri Jul 16, 2010
If you cancel before the appraisal is done it's a possibility but if you cancel afterwards you cannot get it back.
0 votes
, ,
Thu Jul 15, 2010
It appears the inspection took place and since its a third party fee paid for services performed you won't be able to get a refund.
0 votes
, ,
Thu Jul 15, 2010
If you have already paid for it and the property has been inspected, its highly unlikely you can get your money back.

Don Maher
Universal Capital Mortgage Corp

"10 Day Fundings For Purchases"
0 votes
Jacob Varghe…, , San Jose, CA
Thu Jul 15, 2010
"lender has past underwriting".

Not clear

Jacob
DRE 01790347
0 votes
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