Posted on: 17th Apr, 2010 07:45 pm
Can any one please explain to me, why did it cost me $1,425 with appraisal fees to buy a $225,000 small house in Los Angeles.
The only answer I got is; under the new rules of ordering an appraisal we had to go with three different Appraisal management company and each time I had to pay an extra $475.
I bought houses before and the most I paid is $375. Is this goverment gone wild and keep sucking moeny from us the private sector.
Please check out this nexusappraisals.net
for more on this story.
Thank you
The only answer I got is; under the new rules of ordering an appraisal we had to go with three different Appraisal management company and each time I had to pay an extra $475.
I bought houses before and the most I paid is $375. Is this goverment gone wild and keep sucking moeny from us the private sector.
Please check out this nexusappraisals.net
for more on this story.
Thank you
I guess your appraiser is correct. If the appraisal is done by 3 separate appraisal management company, then they will charge their dues. As a result, you had to pay extra.
I have to question the wisdom that required you to pay for three different appraisals to purchase one home. That's not standard procedure anywhere I've ever worked. As a general rule, you're charged for the original appraisal, and if the lender requires additional, they'd be on the hook for that.
As for the difference in prices from what you've paid earlier, the new rules have forced the creation of appraisal management companies. To pay for their existence and the work they do in arranging for, and reviewing, etc. the appraisals, the fee structures have changed.
Unfortunately, in far too many cases, appraisers themselves are being forced to accept lower fees than previously charged for what ends up being more work.
As for the difference in prices from what you've paid earlier, the new rules have forced the creation of appraisal management companies. To pay for their existence and the work they do in arranging for, and reviewing, etc. the appraisals, the fee structures have changed.
Unfortunately, in far too many cases, appraisers themselves are being forced to accept lower fees than previously charged for what ends up being more work.
