If we turn down a loan offer after it has been approved, do we have any financial/legal obligation to the lender?
Answers | 1
Answered by Caroline Gerardo, C G Barbeau in Newport Beach, CA
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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