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!
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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