Asked by Benny  |  Submitted October 27, 2015

If we turn down a loan offer after it has been approved, do we have any financial/legal obligation to the lender?

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  Answers  |  1

October 27, 2015

No obligation to close with that person or company BUT appraisals are generally not transferrable and you should have paid for appraisal non-refundable. Some FHA appraisal parts can be transferred for a fee, if they are still current. After getting to finish line why would you want to start over?

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