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Updated almost 9 years ago on . Most recent reply
Possible to get appraisal fee back?
I recently cancelled a contract on a triplex, because the seller was unwilling to do the necessary repairs so it would appraise at the offer price. I even offered to have my contractor do it, then have them credit me the cost at close.
The whole time we were under contract they told me they would do any repairs so it would appraise. However, the language in the contract said they would only consider it, but were paying me lip service right up until the closing date. Now I am out another $800 from appraisal and wire transfer fees, due to a seller that wasn't really committed.
Is there any way I can get the costs back from this deal or am I SOL?
Most Popular Reply
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You are SOL.
But even beside that....everywhere I am aware of in the country, appraisals and inspections are paid for by the buyer...and those things have no bearing on the seller. If he is motivated to sell he might fix things, but nothing forces him to do so...nor could I imagine a seller anywhere signing something saying that they will. Why would a seller open themselves up to that kind of financial liability saying they will fix things to get it to appraise, when those amounts could be huge.
- Russell Brazil
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