Cost of Real Estate Appraisals
By ProMatcher Staff
On average, a real estate appraiser charges fixed fee of $323.89 for a single family home or condominium (average based on a range between $250.56 and $397.21) Take a look at our Real Estate Appraisal Costs & Prices – ProMatcher Cost Report which will provide you some estimated prices in your local area.
Here are some items that will factor into the cost of hiring an appraiser:
What type of property is being appraised? Is the property 1) a resale of a residential property, 2) a newly constructed property, or 3) an investment property (like shopping centers and apartment complexes).
How large and complex is the property? In general, the larger the property, the more expensive the appraisal. Commercial properties are going to cost more than residential properties. Properties with unique features will take longer to appraise (because there are no comparable properties). More research and analysis results in higher costs.
Is what method is the appraiser following? Appraisals for residential properties use the less expensive “sales comparison” approach versus appraisals for new construction and investment properties which use the more expensive “cost” or “income” approach.
Do you need a full appraisal or can you use a less expensive CMA (Comparative Market Analysis)? Depending on your needs you may be able to get a less expensive CMA rather than a full appraisal. For example, if you are simply trying to determine a sales price, you may be able to use a CMA. The buyer’s lender will require a full appraisal for loan approval and the buyer will bear the cost.
Can you select your own appraiser? Appraisal standards changed in 2009, and banks can no longer choose their own appraisers--they must let an appraisal management company pluck an appraiser from its pool of appraisers to do an appraisal. If you can choose your own appraiser, you may be able to save the fee paid to the management company.
We hope that this information has been useful to you. Use ProMatcher to receive a Free Real Estate Appraisal Cost Estimate from a appraiser in your area. This is a fast and free service that saves you time.
About the Author
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| ProMatcher Staff, ProMatcher
Orlando, FL 32803
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