business questions - answers to business questions
*Business questions>>>Renting & Real Estate Questions

Does a mortgage broker have a legal right to bill a Buyer's earnest money if the Seller was in default?

Question:
The builder was in default on a New Home Contract. The builder agreed to the return of earnest money to the Buyer. The buyer's mortgage broker then sent the bill for the appraisal ($325), and an additional appraisal fee ($100) to the title company for payment from earnest money. When the Buyer consulted with an attorney, the Buyer was informed that they were not responsible for the appraisal since no closing took place and the Buyer was not in default. In this case, who pays for the appraisal???

Answer:
Buyer get the earnest money back and the mortgage broker is SOL. Should have collected for the appraisal up front.
Related Questions
  • Does a mortgage broker have a legal right to bill a Buyer's earnest money if the Seller was in default?
  • Is it required to put 20% down payment on a Condo?
  • iam currentlyrentinghouse others live below is it legal for the landlord to drive and sit several times a day?
  • Need Mortgage Repayment Caculator that allows fixed monthly payment?
  • Buying a new house?
  • Can anyone explain to me the factors involved in carrying out a valuation for a commercial development?
  • How do I get my Earnest Money back??
  • Slumlords? Need i say more!?
  • I'm in a financial bind and in danger of foreclosure but because of my low credit score i can't get?
  • California Tenant Rights?
    • Categories
    Taxes Small Business Renting & Real Estate Personal Finance Other - Business & Finance Investing Insurance Credit Corporations Careers & Employment Advertising & Marketing
       

    business questions and business answers
    Loan,Banking and CreditFor personal non-commercial use only. All rights reserved.