Appraisal Fee
Home appraisals are required for many situations in the real estate industry. The most common instances in which any homeowner might be required to do an appraisal are selling your home or applying for a mortgage.
Home appraisals are carried out by licensed professional appraisers that inspect the property, compare it to similar homes in the neighborhood and any recent sales in order to determine your home’s worth. What you have to understand is that while the financial institution demands the appraisal, if you want to take out a loan, you are the one who will pay the appraisal fee.
What is an Appraisal Fee?
The appraisal is a service that comes at a cost. That cost is known as the appraisal fee. The appraisal fee covers the appraiser’s evaluation of your property, but it’s not a standard fee. While a typical single-family home can be appraised for a $300 to $450 appraisal fee, several factors can influence that cost. From the size of the home to the home’s actual value, the home’s condition, and precisely how detail-oriented the whole appraisal process was, the appraisal fee can grow. You can even expect the appraisal fee to grow based on location if you live in a metropolitan area.
Other factors that can influence the appraisal fee are based on how complicated the appraiser’s work is. For example, if your home has uncommon features requiring more analysis on the appraiser’s part, like antique fixtures or rare elements included in your home’s structure. Also, the lack of comparables can complicate the situation for an appraiser as they have nothing to compare your property with and has to calculate everything from scratch or look further away for potential comparables and modify the data to fit your home. Even if there are comparables that can be used, if your home has unique features like an in-ground jacuzzi or pool bar, comparing prices will be that much more difficult.
In case the appraiser’s report evaluates the property for less worth than you expected, you still have some options. You can challenge the appraisal report or ask for a second appraisal. Seeing as you support the cost, you have the right to ask for a second opinion. However, if two appraisals state the same thing, then you should reevaluate the loan or the asking price.
Popular Real Estate Terms
Privilege of a real estate investor or lender to participate in the profitability generated from property. This is in addition to any principal, interest, or dividends. ...
Street having access only at one end and terminating with a circular turnaround area. The circular area permits automobiles to exit the street without having to use a home's driveway to ...
Everyone knows what is a retirement home, but if we were to give our best most concise retirement home definition it would be of something like: real estate facilities that cater to retired ...
Also know as Fannie Mae, the FNMA accept bids from approved lenders as to the amount, price and terms wish to sell Fannie Mae. Upon deciding how much money it will spend during a given time ...
See common law. ...
Lack of supply of real property. When demand exceeds supply, price of the property goes up. For example, if there are only a few homes in a town that everyone desires to reside in, the ...
Implied assurance from a landlord to a prospective tenant that an apartment is safe and void of health problems. ...
Government compensation to farmers not to grow products to preserve the land and maintain stable agricultural products. ...
Loss arising from the partial or complete destruction of property resulting from circumstances of a sudden, unanticipated or unusual nature. For example, fires, storms and floods to real ...

Have a question or comment?
We're here to help.