Appraisal Fees?? HELP

[LNorthman]

What is the name of your state? WA

We needed ro refinance our ARM and went back to the original mortgate that gave it to us 2 years ago, the broker told us he could get us a 6.5% rate and we filled ou the application, within three days he had sent out the appraiser.. Two months later he was still working out the details cause our credit isn't great, he then said that we only could get 7.5 we decided that this was too high and he said we should "Wait a year for our credit to get better?" A month later we got a $450 bill for the appraisal. Now we still have our ARM rate and now a big bill.. Is this OK should we have to pay when he told us a different rate, and really jumped the gun on the appraisal? HELP!

[LindaP777]

Did you tell him to go ahead with the appraisal?
Why didn't he wait to run the numbers for you before you ordered the appraisal?
Did he tell you that you would have to pay for the appraisal even if you didn't take the loan?
I would ask him some hard questions before I paid the bill.

[lizjimbo]

It would be nice if people that wanted to buy or refinance were required to escrow money for all the costs associated with that type of transaction, then perhaps both buyers and sellers would be a little more diligent about contract obligations. The way it is now, is if a contract folds, then most of the people involved behind the scenes in providing all the documentation required for a mortgage loan, lose out big time. I have provided land surveying services for many title companies for properties that never closed. I have no way of collecting 10's of thousands of dollars, because as I have been told, the end user of my services would have been the purchaser. The appraiser did his work and is now demanding payment for his services. I do not understand what the problem is. As it is with most appraisers, the home owner must write a check the day he comes to do the appraisal. It would be a sad state of affairs if everyone felt they did not need to pay this bill or that bill just because they didn't feel they got any benefit.

[HUD-1]

A. 7.5% fixed is a pretty good rate for people with bad credit. Why didn't you take it versus having an ARM?
B. His mistake was in not collecting the appraisal fee upfront. LP asks a good question, did you agree to the completion of the appraisal? FYI, normally appraisals are good for six months after the effective date.