My bank decided to reject my refinance application. They stated that there is a condition which cannot be met by the property I own. They ordered an appraisal. Can a bank order an appraisal, even knowing that there may be an issue with a property not meeting certain conditions that the bank has set internally? They could have easily waited to have an appraisal done after ensuring that all internal conditions were met.
We must assume that initially the bank believed they could make the new loan. To get the appraisal done in a timely manner, it was ordered. After that, they realized that the loan couldn't be made. The appraisal should have been canceled, or if it was too late, you shouldn't be required to pay for it, in our opinion. It is not usable. If you want a copy of the appraisal, and you are entitled to one, they can request that you pay for it.
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We must assume that initially the bank believed they could make the new 