How Much Does An Appraisal Cost?
I’m trying to close on an investment property in Boise and I just got the loan docs. The appraisal for a single family house thats brand new and 1966 sq ft was $850!!!!
Normally they cost $350 and if you doing an investment home they sometimes charge $450-$550 , but $850 is simply outrageous. The broker for the mortgage company “Market Street Mortgage”, had this explanation.
I know I think the appraisers are really “sticking it” to borrowers lately. FNMA etc required new forms as of Jan 1st so the appraisers took advantage of this and increased their prices. In addition lenders are requiring more documentation on NOO properties. We had to get a field appraisal and it was much more expensive than it has been in the past. As Brandy said we are just passing along the amounts that we have been charged. I don’t have a lot of room on this loan your pricing is at PAR as usual.
What a complete rip-off! Also, our agent [who is completely retarded and speaks about 4 words per minute] has been no help whatsoever. She’s pretty incompetent and half the time doesn’t know whats going on. She called up the mortgage broker[who's been 2 weeks late on 5 out of 5 loans so far] on the last day wondering if he could close. Thats when he got started on the loan process and ordered an appraisal. So I’m guessing the appraiser charged extra for a rush job.
What a great concept! Offload your incompetance onto someone else!
If you found this post helpful, consider donating to my coffee fund!![[del.icio.us]](http://images.del.icio.us/static/img/delicious.small.gif){kind=small}
- Investing In Oil I spent most of Saturday listening to an investment presentation by some oil guys from Texas and Oklahoma. I come in contact with them on a previous deal. At that time I had shown their investment presentation to my CPA (who usually turns down every investment I show him) and......
- Why Use Seller Financing? Here's an example of a buyer using seller financing to purchase a property. The buyer, a real estate investor, bought a cabin in a sparsely populated place. Recognizing that the seller didn't really have many potential buyers, he negotiated a seller carry-back. Basically the seller is carrying back the mortgage.......
- Oil Investing Update - 20% Return in 90 Days – Principal Guaranteed For those of you who've been following my blog, you know I've been working on some secretive deal regarding some oil deal. Well now its that time in the process when the rubber hits the road. The bank we've been dealing with has agreed to lend us $20 million. However,......
Related Websites
- End of August 2009 Financial Status August was a very interesting month as my net worth decreased for the first time since I started tracking, but I'm not even mad. It's like in Anchorman when Baxter ate a whole wheel of cheese and pooped in the refrigerator, and Ron Burgundy wasn't even mad. The stock......
- The Truth About Mortgages The truth about mortgages is that it has changed, but has it changed for the better. If the change is for the better remains to be seen, but it is important to note that change has occurred. The changes are: Your credit score must be 620 or higher You can......
- Beware the Cash-Out Re-Fi This has been a good news week for homeowners looking to re-finance their mortgage loan into a lower rate. Mortgage interest rates fell sharply this week following more rescue actions by the government. The average interest rate for a fixed 30-year mortgage loan dropped to under 6%, a seven week......
[All content is copyright of Living Off Dividends & Passive Income]
March 22nd, 2006 at 7:10 pm
That is way to expensive! Ussually it is about $400.
Money And Investing
March 23rd, 2006 at 3:06 am
Wow, Adventures, do you have any alternatives?
Sounds unlikely with your time frame.
I’d be so angry I’d check out my options and threaten to sue the mortgage broker – have you discussed this with your real estate attorney? He may have some options for you.
As far as appraisal pricing, I had bought a house earlier this year and there were no increases in prices due to additional forms – actually – the rates were the usual $350. I do know that appraisal rates in big midwest cities have gone up per friends that have just bought, but maybe only by $100.
You might want to file a complaint with the state board. Actually, morally you should to help protect the general public. You might even threaten the mortgage broker that you will do so.
An idiot like this may have many more suprises for you in the future. Ms. Way has always told me to jettison an idiot as soon as you can before they find new ways to torture you.
One thing to note:
I live in a small rural town – it’s very hard to schedule appraisers. We didn’t have much of a problem, however they say availability is an issue.
A quick question, since you are in CA, how do you plan to rent the property out and manage it?
Regards,
Making Our Way