we was complete approved by wells fargo bank, the same week we have everything done to close, they asked me for a transaction done a year ago (when we get money from other country because we sold a house, and we used that money to pay the house where we actually live) and we were buying a new house (bigger) to live, so our plan was rent the current house and live in the new one. Our credit scort was 756, my husband and i are working,so there is not reason to reject us. The loan officer was fired and the manager told us you won't be approved !! so, can we ask the refund from the appraisal. we are working with another lender now and they approved us inmidiatly, and they said , there is not reason to ask for a transaction done one year ago. Thanks
This isn't an uncommon situation, and the answer is that the appraisal is a required part of the loan process, and the cost is the applicant's responsibility, but just because an appraisal is done, it does not guarantee loan approval. Lenders now typically get a credit card deposit prior to ordering an appraisal, and once the appraiser has completed his work, the borrower and lender are responsible for paying for the appraisal, regardless of loan status. In answer to your question, you can ask, but being denied for a loan does not typically mean you are entitled to a refund on the appraisal cost.
No, you won't get a refund from the appraiser or the lender once the appraisal is performed. However, you may be able to persuade the new lender to accept the appraisal that was done by the prior lender's appraiser.