Third Federal Savings and Loan MANDATORY up front appraisal fee

Has anyone dealt with Third Federal Savings and Loan and NOT had to pay this up front $305 appraisal fee. I have never had a file where any party has had to pay any fee up front. I am still pushing back on this and was curious what experiences you guys have had with them in regards to this.

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Permalink Reply by Smitty on September 1, 2011 at 8:14am

WOW.   I look at it like this.  If I'm paying for an appraisal, then I have every legal right to see that appraisal when it's done.  I'd tell the homeowenr to go for it, and make sure they got a copy of the appraisal so you know EXACTLY what you are working with.

 

I don' t LIKE that banks push homeowners to pay for appraisals, but on the flip side, the homeowner has a right to what they paid for :)

Permalink Reply by Jeff Payne on September 2, 2011 at 2:26am
Some small lenders and credit unions here require it.  Sometimes we get around it by showing the seller has no money.  Best case is when they tell us to get the appraisal to qualify our offer.   We hire the appraiser, pay for it and give the appraisal to the lender for review.  Actually, I wish ALL short sales were like this :)
Permalink Reply by Brent Innocenzi on September 2, 2011 at 2:45am
Yea, it's a HELOC here in FL. I would agree with both of you in that this would be beneficial for this deal except that the sellers are on the verge of filing bankruptcy and will not contribute anything to the deal. The buyer is also refusing to pay as well. So, this may be a deal breaker as they're requiring this fee be paid up front. It does not seem that they are going to back down and I have 0 contacts for this Lender.
Permalink Reply by Mark Charlesworth on December 6, 2011 at 8:10am

Split the fee with the buyer! Its $150! For a pre-qualified short sale seller with a buyer?! I would pay that all day long. Now you get to see the value that the bank is using? Can you select the appraiser, as a realtor you are not bound by HVCC...that is for lenders. Split this fee with some one or get the two of them to split it.

Permalink Reply by Brent Innocenzi on December 6, 2011 at 8:45am

It's a HELOC in 2nd position. Their value is irrelevant. If they were the 1st lien holder this would be a much better scenario. I am in discussion with them about placing this on the HUD-1 and having it paid at closing.

Permalink Reply by Jeff Payne on September 2, 2011 at 2:52am

Brent, do you have any good appraiser connections?  Maybe there is an appraiser that would agree to a smaller fee in this case?   If the appraisal does not get ordered thru a 3rd party, the appraiser might actually make a little more, even after the discount. 

The other way to do this, the seller needs to beg, borrow or steal the money for the appraisal. Remind them that this is a little bit of money that will lead to a great thing for them.

Permalink Reply by Brent Innocenzi on December 6, 2011 at 6:13am

So, has anyone dealt with the is Lender in 2nd lien position and not had to pay this ridiculous upfront appraisal fee?

Permalink Reply by cat gellatly on February 10, 2012 at 8:14am

No... what ended up happening? I have a 2nd with them right now.

 

Permalink Reply by Brent Innocenzi on February 16, 2012 at 8:17am

We got a new buyer and they paid the $305 appraisal fee. This is a HELOC loan in 2nd position.

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