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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 34365
Experience:  16 years real estate, Realtor. Landlord 26 years
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About a year ago I was considering financing some home

Customer Question

About a year ago I was considering financing some home repairs thru a loan broker who promised to approach several banks and get me the best deal. the broker arranged to get my house surveyed. I was never told I would have to pay for this, and eventually I decided not to go ahead with this broker.
I have just received a call from the broker saying I must pay them for the survey. I asked them to send me the survey which I had requested a long time ago but they said I have to pay first or they will send it to collection. they said the sent me an invoice already, but it didn't come to me because they sent it to a wrong address.
My question is, first who is responsible for the cost of the appraisal? Isn't that part of their cost of doing business? Second, if I have to pay for it can't I ask to receive it first? I don't trust these people because they were recommended by people that preyed on me as a naive older person and sold me much more repairs than I could afford.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Barrister replied 1 year ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

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You mention "appraisal" then you talk about a "survey"... I am going to assume you mean appraisal throughout because it is not normal for a survey to be necessary for a loan..

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My question is, first who is responsible for the cost of the appraisal? Isn't that part of their cost of doing business?

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This depends on what the contract states that you entered into with the loan broker. The written contract controls each party's legal rights and obligations. If it doesn't specifically state that you are responsible for the cost of the appraisal, then whoever ordered it is liable to pay for it.

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Second, if I have to pay for it can't I ask to receive it first?

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If it ends up being your responsibility, then you are entitled to a copy of it prior to reimbursing them for the cost. If the loan fell through, then the broker has no interest in keeping it as they can't do anything with it anyway.

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If you aren't responsible for paying for it under the contract, then you could likely offer them half the cost to purchase a copy if you wanted one, as half is better than nothing for them.

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thanks

Barrister

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