My Appraiser Friend in Birmingham AL, Tom Horn, SRA, explains Appraisal fees. “I get asked a lot about the cost of an appraisal. More and more homeowners these days are seriously considering getting an appraisal on their home to help them price it correctly to sell. There appears to be a change in the mind set of many homeowners from several years ago when the market was appreciating at such a rapid rate. Many sellers would price their home at a very high level due to high demand and most of the time the home would sell fairly quickly, but in today’s market this is not the case. Competition for buyers is stronger and it is very important to list your home for the correct amount to move it as quickly as possible and to help reduce the likelihood of it not appraising for what it needs to for the mortgage.”
Tom offers valuable insight in how Home Appraisals are priced. To read Tom’s entire article, click through below.
Baton Rouge Home Appraisal Fees. Just as in a flooring installation on your home, if you’re only adding carpet to 2 rooms, then the fee or cost is going to be less than if you adding flooring to your entire home. The same can be true for a Home Appraisal. You can expect to pay less for a Home Appraisal on a median priced home in your market, say $350, than a much more complex $1,000,000 estate on acreage, $500+ depending on how complex. PRE-LISTING APPRAISAL or LIST PRICE APPRAISALS are generally less in cost, locally $225 to $275 in restricted subdivisions and not on acreage. Estate Settlement and Divorce Settlement Appraisals generally require extra time of preparation and documentation as these can go to court with testimony and may have higher fees. MORTGAGE HOME APPRAISALS: These are generally ordered through a 3rd Party AMC or Appraisal Management Company who must be paid as well. This can cost about $550+/- because of the split between the Appraiser’s fee of say $350 and AMC’s fee of say $200. The AMC orders appraisals, AMC Review Appraisers review reports for errors and compliance and for extraordinary client requirements and then forwards compliant reports to the lender. So, there’s various reasons to obtain a Baton Rouge Home Appraisal and various different fees for each type based on the amount of work and time involved, liability involved, complexity, lack of comps and sometimes just how busy the Appraiser is at the time. If an Appraiser has 16 orders in the que and a lender wants a new appraisal order completed in 48 hours, then that lender can expect to pay an added rush fee.
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