Legal Question in Real Estate Law in Washington
Appraisels
When do you become liable for an appraisel done by a
finance company? We contacted a finance company about a home equity loan. They told us an interest rate, payment information, and requested some information from us, like current check stubs, tax returns, and homeowner's insurance. We sent them the
information. Next thing we know we have an appraiser calling for directions and showing up at our house. The finace company then called us back with different interest rates and loan fees. If we turn the financing down are we liable for the appraisel?
1 Answer from Attorneys
Re: Appraisels
It seems to me that you're not liable for appraisal costs until you sign a contract that requires you to pay appraisal costs and lists the amount, pursuant to loan application. Requesting information from finance company does not constitute contract and does not make you liable for appraisal costs. Finance companies are notorious for charging for stuff for which they have no right. I recently won case against finance company for similar behavior.
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