It is not illegal to collect funds up-front for an appraisal. In fact, in the industry it is standard operating procedure to do so, so it sure doesn't sound like a scam run by Wells Fargo.
It is impossible to guarantee a loan will fund before an appraisal is complete. For example, the buyer and seller may agree to a price that is wildly above the market price. Or, the appraisal process may uncover defects in the title that have an impact on the sales price.
If the borrower does not have something in writing that states he or she is due a refund of the appraisal fee should the loan not go through, he or she has no real recourse.
However, I recommend you call Wells Fargo Customer Service and try to convince them that a refund is a small price to pay to assure that you will consider patronizing Wells Fargo in the future. I am not optimistic, however, that you will be successful, but it never hurts to try.
By law, you are entitled to a copy of the appraisal report.
I hope this information helps you Find. Learn & Save.
Best,
Bill
May 11, 2010
May 11, 2010
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