Re: real estate
my son made an offer to purchase a home, contingent upon passing a home inspection for which he paid $200. the inspection uncovered a number of issues which needed to be resolved. my son made a new offer to which the owner counter-offered. my son turned down that offer. during this time the bank offering the mortgage charged my son $400 for an appraisal. since there was no contract agreed to, is my son responsible for the $400?
Answer
Your son's relationship with the mortgage company is independent of any relationship with the seller. The fact that the seller and buyer (your son) were unable to reach final agreement on the sale, does not impact the obligations (if any) that you son made when he applied for the loan. Those obligations are governed by the agreement (likely the application) with the mortgage company.
No comments:
Post a Comment