Legal Question in Real Estate Law in California
Broker failed to close loan, refused to pay appraisal.
When I applied for no feen and cost loan, my broker promissed to cover all costs, including appraisal. Broker failed to close loan within rate lock period (aknowleging that it was his fault), returned rate lock fee and canceled a loan.
Recenly I have received letter from appraisal company stating that broker refused to pay appraisal fee. Appraisal company requested payment from me, threatening to pass case to collections, damage my credit and impose lien on my property. The letter said I'm responsible for appraisal fee, because broker acted as my agent. What should I do to protect myself?
5 Answers from Attorneys
Re: Broker failed to close loan, refused to pay appraisal.
Do what you need to protect yourself, ie pay fees and then sue broker in small claims court.
Re: Broker failed to close loan, refused to pay appraisal.
I would send a demand letter to your broker threatening to sue him if he doesn't pay the fee. I agree that if he doesn't respond, pay the fee and sue him in small claims court.
Re: Broker failed to close loan, refused to pay appraisal.
How much money did you lose because of the failure to close the loan? Call me directly at (619) 222-3504.
Re: Broker failed to close loan, refused to pay appraisal.
You may be obligated to pay the amount, then file an action against the broker for indemnification. We can help you and take cases throughout California. Please contact our office to set up an appointment and let us review your documemntation.
Re: Broker failed to close loan, refused to pay appraisal.
Did the broker make these promises in writing?
Contact me, my rates are reasonable.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
