I was in a contract for a brand new home when it was discovered that the exterior brick was sub-standard by a licensed real estate inspector hired by me. I was informed by the builder that the brick was made that way and was warrantied by the brick company. The builder neither agreed or disagreed that the brick was sub-standard but stated that he was not replacing all the brick. I refused to close and he agreed to return the earnest money. (I haven't seen it yet) I was then informed by the mortgage company that I am still responsible for the appraisal even though I'm not accepting the house. My question is shouldn't the builder have to pay for the appraisal since he was the one that defaulted on the contract?
2006-10-05 11:36:15 · 8 answers · asked by TSunrise 1 in Business & Finance ➔ Renting & Real Estate
Of course.. they did it so you pay for it.. not their problem.. you could try and get it back form the builder but the mortgage company doesn't care about that bit... sorry.
2006-10-05 11:41:47 · answer #1 · answered by Wannabe007 2 · 0⤊ 0⤋
Your contract is with the mortgage company. You were getting a mortgage with this mortgage company and apparently the deal was to pay for the appraisal out of the escrow closing. Since there will be no closing the mortgage company has no choice but to go after you for the payment.
Once this has been done, you may take the builder to small claims for any out of pocket expenses you might have incurred as a result of them defaulting on the contract.
The next question is was the closing based on you getting a licensed inspector or securing a mortgage loan for the purchase of the property.
You should check you contract to see the terms and conditions that you agreed to.
You are required to pay the appraisal fee or you could be taken to small claims court for the cost of it.
I hope this has been of some help to you, good luck
"FIGHT ON"
2006-10-05 11:51:55 · answer #2 · answered by Skip 6 · 1⤊ 0⤋
when people buy houses, that's why the buyer hire the appraisal to prepare the report to make sure,that price on this particular property is fair (almost never buyer don't have idea where to look for appraisal, so mortgage company or bank hire somebody for them) this is a buyer responsibility to pay for that and there is no way to walk from those charges. you can try to go after builder, because he breech contract with you, but you need to pay to your mortgage company.
2006-10-05 18:35:24 · answer #3 · answered by bianca 4 · 0⤊ 0⤋
You signed a contract. The appraisal company did there job. Be thankful that you hired a licensed real estate inspector, it saved you alot of money in the long run.
2006-10-05 11:45:37 · answer #4 · answered by Pooky 1 · 0⤊ 0⤋
The lender would truly bypass on to a foreclosures truly than lose an better 4K on the non-public loan you agreed to pay in complete over the length of the non-public loan. they are already taking a large hit for the version between the stability on the non-public loan and the quick sale furnish fee. once you've 4K to pay the ultimate expenses, then do this and keep each man or woman the soreness and fee of getting to head by foreclosures.
2016-11-26 19:48:08 · answer #5 · answered by ? 4 · 0⤊ 0⤋
The appraiser did the appraisal right? They did their job and you have to pay them, they had nothing to do with the problems regarding your house. I believe you need to contact a real estate attorney, or if you have a realtor, get their attorney to get involved.
2006-10-05 11:41:09 · answer #6 · answered by MadforMAC 7 · 0⤊ 0⤋
Yes
2006-10-05 11:47:54 · answer #7 · answered by KQ 2 · 0⤊ 0⤋
they performed a service to you so yes you do have to pay the mortgage company
2006-10-05 11:43:42 · answer #8 · answered by Anonymous · 0⤊ 0⤋