Q: Mortgage appraisal fees - due upon offer acceptance or once contingency issues are worked out?
Is the mortgage appraisal fee due when the seller accepts the buyer's offer, regardless of any contingencies? A recent offer made, with contingencies of a home inspection fell through because the buyer would not acknowledge damages that needed to be repaired to insure a safe operation of the furnace. I terminated the offer per guidelines and the seller signed off. However, when the offer was initially accepted, I was told that the mortgage process had to be started, and the fee paid for the appraisal. Seems stupid to me in retrospect, that I paid for something that I no longer need due to the deal falling through. It would make more sense that the appraisal fee be paid once the haggling over contingency issues be met.
Just trying to prepare myself for the next round of house hunting and I cannot seem to locate the "law" anywhere.
A: Look at the contract. If the contract is silent then have your attorney write it in. But check your old contracts--should be covered.
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