Posted on: 12th Oct, 2010 07:30 pm
i was recently working with a mortgage broker to refinance my current mortgage. everything was fine.. credit score, income, equity etc. the broker was very careful to check into everything prior to ordering an appraisal, a fee i was required to pay up front ($450). the appraiser came, did his job. i get a call from the broker today, and although we have not yet recieved the completed apraisal, she informs me that she has some bad news. since my home is a manufactured home (on a permanent foundation and considered real property), she now tells me that the wholesale lenders she goes through do not loan on this type of home. she appologized, said she should have asked me this, knowing that there are many homes of this sort in my area. i asked about what happens with the appraisal fee.. it's my feeling that the brokerage should pay this fee and refund the money to me since this was not my fault. i could understand if my loan was denied after going to underwriting for some reason, but this was an oversight on her part... what should i do?? thank you!
Hi ckthompson,
You should contact the broker and ask her to pay back the appraisal fee as it was not your fault. You should negotiate with the broker patiently so that she pays back the amount to you.
You should contact the broker and ask her to pay back the appraisal fee as it was not your fault. You should negotiate with the broker patiently so that she pays back the amount to you.
Sounds like the broker did not ask you what type property it was.
Sounds like you never told the broker what type property it was.
You are both at fault
You can ask for the fee to be paid back. Never hurts to ask
Sounds like you never told the broker what type property it was.
You are both at fault
You can ask for the fee to be paid back. Never hurts to ask