Appraisal Amount Increased

[Amby Bhagtani]

Hi - I am in the middle of closing a commercial property. The broker that I used initially quoted an appraisal of 650, which I paid. A few days later the broker said the mortgage company is asking for 2500. I am a little perplexed as to how appraisal rates could change and that too this drastically. This is the first time I am buying a commercial property, so I just dont know enough. Love some thoughts on how to handle this situation

[Russell Brazil]

The first go around he was quoting you the cost of a residential appraisal. Then at some point he realized theyre going to need to pay a commercial appraiser.