This is supposed to help lenders with the new guidelines (Real Estate Settlement & Procedures Act, RESPA) listing appraisal fees by county thruout the U.S. New FHA guidelines dictating that appraisers be paid 'reasonable and customary' fees for their areas.
My particular area in the Northwest Suburbs of Chicago is listed at $300.
Thanks for sharing. Now is this the appraiser cut and HVCC added on top. They look a little low compare to what I see
Tony
Tony: I'm not really sure. It would be great if an appraiser would jump in to help the discussion. I know that in my area the $300 is half what is actually charged recently.
Lyn,
I would be very careful of something like this. I just dislike informative sites such as this... why would I set up a company such as this? Everyone has their own ways and methods to make money. Besides, this stuff is not clear. Are these for FHA mortgages? Conventional? For duplexes? This is very basic information... and if you read below, they say these are fees that would be different from someone using an AMC company. In my opinion, I would not be putting this info out there. Appraisal fees in my opinion are what they are. Most companies are being very standard about this. The numbers for New Jersey are about $50 to $75 less than what we charge for a FHA loan. But are conventional appraisals are much closer to what they stated... maybe off by $10 to $25.... but there is so much more involved. Just my .02.
And what happens if they analyzed the lower companies and not the right ones? Or the higher companies...? Just so much info out there. If I was a realtor, I would just say... go with what the lender tells you. Especially if you referred the lender.
Jeff, as always I value your opinion. I'm not sure how to answer your questions here as the report is not very clear is it? But from what I understand something like this had to be utlized in order to provide the 'customary' charges for different areas. I'm not sure a buyer is going to balk at $50 but in my area alone, they charge $600 for an FHA appraisal now and the average stated in here in $300. It USED to be $300 way back before this nonsense started with the new regulations. I think that $600 is total highway robbery and an abuse. I'm not sure if that is with the 'split' with an AMC but your note includes the wording 'Non AMC'.
If that's the case then we are back to normal charges for the consumer at least in my area. You are right, all that research and it's still a little vague. Thanks for your comment & insight.
I am an Appraiser in Texas. I use Alamode software and have for years. Believe me, they are the Cadillac of software providers!
I will be contacting them today to learn how I can put this fee information on my company website. It appears to be right on the money. I recently attended a gathering of Apprasiers here in Texas, and all that I spoke to were very impressed with Alamode's information......and some of them did not even use Alamode software.
Good job Lyn!!
Rick Neighbors - Texas Real Estate Appraisers - Www.rickn.com
Thanks for your input Rick. They were not very happy that I published this report from them. You can link to it on my Scribd account if you wish.
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