Expert: Dick Dennis - 8/31/2009

Question
My husband and I were pre approved for a home loan and went through with the purchase of the home. After paying out of pocket for the appraisal/inspection we found out that our loan was denied due to my husbands work experience. Is there any way for us to recoup the money we paid for the appraisal or inspection?

Answer
It's one of the negatives of home-buying, Elizabeth. They ordinarily do not refund those kind of fees during a purchase process. However, if it will give you any satisfaction, you need not share the result of those inspections with the seller unless he is willing to share the costs. Just make sure your Realtor DOES NOT share the results.

If your agent did share it with the seller, you could raise a stink with him/her and have him/her pay for those fees, or share the cost, if you know what I mean. If they just say, "Sorry," then you know what agent you will not be using when you do find the house you are able to buy.

By the way, lenders are looking for and finding all kinds of reasons for not coming through with loans these days. And there are ways you could get that loan, especially if you were "pre-approved." FHA is making loans where other lenders do not. Look into it. A good agent, and/or mortgage broker could probably find it for you. So, keep on looking for that knowledgeable person. I do wish you well.

Dick Dennis
CA broker license 00349415
dixiedee13@aol.com