Bank's Charging Me Too Much For Appraisal - Posted by Buddy

Posted by Ali on December 21, 2000 at 19:21:35:

going rate for appressial is 325.00 for conventional and 350.00 for FHA

Bank’s Charging Me Too Much For Appraisal - Posted by Buddy

Posted by Buddy on December 21, 2000 at 16:08:34:

I want to drop the PMI on my home and thus my lender says I need to have an appraisal done first. Fine by me, but they said that since my loan in through Fannie Mae, they will pick the appraiser, and it will cost me a whopping $400!! I asked them for a list of appraisers that they would approve so I could call each and get the cheapest one, but they wouldn’t do that. My lender is giving me no options here. I’d like to avoid paying $400 just for an appraiser to spend 5 minutes walking through my home. Do I have any options here? Suggestions?

Re: Bank’s Charging Me Too Much For Appraisal - Posted by Rick -PA

Posted by Rick -PA on December 22, 2000 at 10:30:02:

Buddy, I’ll be doing the same thing after the holidays. Our Bank gave us a list of appraisers. We called six of them, all between $275.00 - $325.00. Even if it’s five minutes we’ll be saving $558.00 per year. Have it done and quit paying that insurance policy for the Bank. Happy Holidays.

Re: Bank’s Charging Me Too Much For Appraisal - Posted by CurtNy

Posted by CurtNy on December 22, 2000 at 08:41:41:

Buddy,
Although I don’t think $400 is too much to pay for an appraisal, it depends on the size, value of the house and the area. For example here where I live in NY(I work for a national mortgage company so I see the difference in price nationwide) the average fee for a $150,000-200,000 home is $275, but in CA the average home sells for $350,000-450,000 and the fee is around $400. Just my two cents Good Luck.

CurtNY

Re: Bank’s Charging Me Too Much For Appraisal - Posted by JPiper

Posted by JPiper on December 21, 2000 at 16:46:45:

A fairly common appraisal fee here locally was $350 the last time I had one. What are you thinking the fee should be??? $400 sounds a little high to me, but not so high that I would be worrying about it too much.

JPiper

Re: Bank’s Charging Me Too Much For Appraisal - Posted by Buddy

Posted by Buddy on December 21, 2000 at 16:59:22:

Sounds good, thanks for the dose of reality - I thought I was getting screwed. I listened to the Sheets course which said he never pays more than a $100 for an appraisal so I figured $400 was ridiculous. But if that’s the going rate so be it. It’s interesting how many things the gurus say that just aren’t practical in real life. Of maybe he was referring to the amount he paid 30 years ago. Oh well…