Recourse for a bank customer refusing to pay for an appraisal?
I’m a commercial lender for a bank and I got a commercial loan approved for a potential borrower. He verbally accepted the terms and I informed him we were ready to order the appraisal. It was completed with a cost of 00. The potential borrower was aware that this was a cost he was to pay at closing. Prior to closing, he got a better offer from another bank and went with them. He is refusing to pay for the appraisal since he decided not to do the loan with my bank.
Do I have any recourse? What are the chances of winning a small claims suit?