Mark-Charlotte Shue
Browsing Housing
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3 years ago
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HUD backed out of our offer can we get the appraisal fee back?

HUD backed out of our offer can we the the appraisal fee back
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3 years ago
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Most likely not. I was an appraiser for 5 years. Most times the appraisal is hired out so both parties can assure that the appraisal is not biased to either side. In order to assure that the appraisal is arms length there is no relationship between appraiser and bank. Having your money refunded by a third party that performed the work is not usually an option. You can request a refund but, the appraiser did the work and expects to get paid. I'm sorry it didn't work out. Hope this helps!

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3 years ago
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Yes the appraiser did the work, the problem was with the bank did not have a clear title. They were not ready to list the property, and stated it would take another 90 days after waiting 3 months to get to that point. We could have built a house in 6 months.
The lender we used ask us to pay for the appraisal up front then this happened, not again.

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Kim Marin
Kim Marin
Real Estate Professional
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3 years ago
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In my opinion as a Realtor, an appraisal should not be ordered by the lender until the title work is done on a foreclosed property. HUD most likely didn't "back out" as you say, the HUD contracts do state:

Seller may rescind this contract and return all or a portion of
Purchaser's earnest money deposit under the following conditions:
1. Seller has not acquired the property.
2. Seller is unable or unwilling to remove valid objections to the title
prior to closing.
3. Seller determines that purchaser is not an acceptable borrower.
Tender of the deposit shall release the Seller from any and all claims
arising from this transaction.

There are a lot of moving parts to a real estate transaction. A good Realtor, Loan officer, and Title professional are crucial, and they must all work together to make sure these kinds of things don't happen.

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