As of May 1, 2009, the cost to get an appraisal done on a re-fi or for the purchase of a home will increase. Here is the "WHY" with the Home Valuation Code of Conduct which has been enacted to improve the accuracy of appraisal by eliminating pressure on appraisers from loan officers, this code pushes the lenders to use third-party appraisal management companies that contract with net-works of independent appraisers around the country who have no direct contact with retail loan officers or mortgage brokers.
So, you might be asking what the new cost for getting an appraisal will be. The average is approximately $550.00 and now the appraisal company can tack on related charges which was not the case before. There is a no show penalties if the person ordering the appraisal does not keep the appointment, which can amount to $100.00, and then there is the addition of $150.00 for properties over $500,000.
These fee's will need to be paid up front with a credit card or debit card, since the final cost can vary--- the prospective final cost is somewhat blurred. No longer can the lender incorporate the cost of the appraisal into the loan origination fees.
Thinking of buying a new home or just wanting to relocate and need to sell your present home, why not let the team of Lorraine and Loretta help your reach your goal, call 760-945-6652.
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