Question: How Much Does A Baton Rouge Home Appraisal Cost?
My Appraiser Friend in Birmingham AL, Tom Horn, SRA, explains Appraisal fees. Tom writes an eye opening blog for the Birmingham AL Housing Market on topics such as So Just How Accurate Is A Zillow Zestimate Anyway, Can A REALTOR® Give An Appraiser Comps and other interesting topics.
Tom says, "I think it is important for consumers to know how an appraiser determines the cost of an appraisal. There are a lot of variables, but cost of the appraisal is well worth the investment because your home will be more competitively priced with the market."
Tom says, "I get asked a lot about the cost of an appraisal. More and more homeowners these days are seriously considering getting an appraisal on their home to help them price it correctly to sell. There appears to be a change in the mind set of many homeowners from several years ago when the market was appreciating at such a rapid rate. Many sellers would price their home at a very high level due to high demand and most of the time the home would sell fairly quickly, but in today’s market this is not the case. Competition for buyers is stronger and it is very important to list your home for the correct amount to move it as quickly as possible and to help reduce the likelihood of it not appraising for what it needs to for the mortgage."
Tom offers valuable insight in how Home Appraisals are priced. To read Tom's entire article, click through below.
What about Baton Rouge House Appraisal Fee?
Baton Rouge Home Appraisal Fees Explained.
Just as in a flooring installation on your home, if you're only adding carpet to 2 rooms, then the fee or cost is going to be less than if you adding flooring to your entire home. The same can be true for a Home Appraisal. You can expect to pay less for a Home Appraisal on a median priced home in your market, say $350, than a much more complex $1,000,000 estate on acreage, $500+ depending on how complex.
PRE-LISTING APPRAISALS or LIST PRICE APPRAISALS
Several local Real Estate Agents are ordering List Price Appraisals in order to obtain an accurate home sketch size, verified lot dimensions withplat map and a realistic listing price, which hopefully convinces the seller to list at a realistic price. These generally cost less and locally my fee is $225 to $275 in restricted subdivisions and not on acreage for homes under $400,000. Visit Greater Baton Rouge Pre-Listing Home Appraisals to learn more.
ESTATE Settlement and DIVORCE Settlement Appraisals generally require extra time of preparation and documentation as these can go to court with Appraiser Testimony required and may have higher fees. Appraiser Testimony would be more common in a divorce situation than in estate settlement.
MORTGAGE HOME APPRAISALS ORDERED VIA AMCS COST MORE
The Federal Government raised home appraisal fees in 2009 and 2010 with HVCC and Dodd-Frank Legislation. These are generally ordered through a 3rd Party AMC or Appraisal Management Company who must be paid as well. This can cost about $550+/- because of the split between the Appraiser's fee of say $350 and AMC's fee of say $200. The AMC orders appraisals, AMC Review Appraisers review reports for errors and compliance and for extraordinary client requirements and then forwards compliant reports to the lender.
IN CONCLUSION AND RUSH FEES
So, there's various reasons to obtain a Baton Rouge Home Appraisal and different fees for each type based on the amount of work and time involved, Appraiser Liability involved, complexity, lack of comparable sales and sometimes just how busy the Appraiser is at the time. If an Appraiser has 16 orders in the que and a lender wants a new appraisal order completed in 48 hours, then that lender can expect to pay an added rush fee. And, it may be the fault of the lender for dragging their feet on your home loan and threatening to lose your low mortgage rate lock. Regardless of the reason for the rush, you may still have to pay the higher Appraisal fee. Think of this like that plumber that is called out on an immediate emergency and charges extra for their immediate response.
AGENTS, HOW MUCH DOES A HOME MORTGAGE APPRAISAL GENERALLY COST IN YOUR MARKET?