What is the cost of the appraisal and how is it collected?
An Appraisal Fee Form for a credit card debit is requested when you receive your initial disclosures. This form is used by the Appraisal Management Company (AMC) to pay for the cost of the appraisal and you are entitled to a copy of your appraisal.
The fee ranges around $400-$550 depending on your property size, how remote and unique it is. Most appraisals are $400-$475, but outliers can be more expensive. If your property has multi-units, it will cost $600. If the property being appraised is an investment property and if we need to use the rental income to qualify you, then we will also need to have the appraiser complete a Rent Schedule, which confirms market rent, that costs $100.
Related FAQs
- How long does it take for the appraisal to be completed?
- What is an appraisal and who completes it?
- If my property’s appraised value is more than the purchase price can I use the difference towards my down payment?
- If my property’s appraised value is more than the purchase price can I use the difference towards my down payment?
- Will you lend on homes that require repairs?
- Can you use an appraisal I already have?
- Will I need an appraisal to get a mortgage?
- Are there any special requirements for loans on condominiums?
- When do you require flood insurance on a property?
- Do you provide financing for mobile homes?
- Do you provide financing for lots or large tracts of land?