Average Cost of Appraisal in Kansas City

Investor · New York, NY · Member since 2017 · 40 posts · 5 votes

Hello everyone!

My partner and I have recently just put down an offer for a SFH in Kansas City! We signed the PA and we are currently getting all the mortgage details down. This will be our first time and we are excited.

The lender asked for an authorization for $600 for the appraisal. This seems high to us, what is the typical cost of an appraisal in KC?

Thanks!

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Laura Williams

Kansas City MO · Member since 2014 · 357 posts · 349 votes

Hmmm my appraisals were not for Fannie Mae loans so not sure if they do require more?? Single Family=$350 and Duplex (2-2 bedrooms)=$450 and had a triplex (all 1 bedrooms) appraisal =$450. For the duplex and triplex it looks like a rental analysis was included. Not sure what the operating statement is either.

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Laura Williams
Kansas City MO · Member since 2014 · 357 posts · 349 votes
9y
For an appraisal my bank charges $350 for single family.
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Brandon Leong
OP
Investor · New York, NY · Member since 2017 · 40 posts · 5 votes
9y
They are saying that there are some additional fees such as:

1. Market Rent Analysis
2. Operating Statement (not too sure what this one is)

Apparently they are required by Fannie Mae and each cost about $100.

Do these charges seem correct?
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Laura Williams
Kansas City MO · Member since 2014 · 357 posts · 349 votes
9y
Hmmm my appraisals were not for Fannie Mae loans so not sure if they do require more?? Single Family=$350 and Duplex (2-2 bedrooms)=$450 and had a triplex (all 1 bedrooms) appraisal =$450. For the duplex and triplex it looks like a rental analysis was included. Not sure what the operating statement is either.
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Jason Buchan
Appraiser · Carlsbad, CA · Member since 2017 · 5 posts · 1 vote
9y
It really depends, VA fee is $600. An operating statement/market rent analysis would be only necessary if you are planning on renting it out, which I assuming you are doing. These are extra services as the appraiser must pull sale comps and now rental comps, $600 is logical to me.
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Gordon CuffePro Member
Investor · Roseville, CA · Member since 2009 · 1k+ posts · 587 votes
9y
the cost of appraisals have gone up in recent years and they are correct when buying a rental property . Lenders need to know the market rents for the area .
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Lee Warren
Investor · Los Angeles, CA · Member since 2017 · 16 posts · 6 votes
9y
I paid 475
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Brandon Leong
OP
Investor · New York, NY · Member since 2017 · 40 posts · 5 votes
9y
@Jason Buchan -- Thanks for the answer, seems to make sense to us. Just making sure we are not getting ripped off.

Appraisal seems reasonable... but a little on the high end.
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Angelo C.
Real Estate Investor · Palm Harbor, FL · Member since 2016 · 91 posts · 43 votes
9y
Brandon, For a typical sfh appraisal you can expect to pay $350 - $450. However, if you also need a Rent Schedule and an Income Statement you should add $100 - $150 each. Paying $600 sounds reasonable. Best wishes.
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Lee RipmaPro Member
Rental Property Investor · Prairie Village, KS · Member since 2015 · 2k+ posts · 2k+ votes
9y
I paid 450 in KC last month but I didn't have those two optional items.
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Brandon Leong
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Investor · New York, NY · Member since 2017 · 40 posts · 5 votes
9y
@Lee Ripma

If you are buying a rental property, don't you need these items? (Like @Jason Buchan and @Gordon Cuffe mention)

Maybe your lender is not as strict.
@Jason Buchan
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Lee RipmaPro Member
Rental Property Investor · Prairie Village, KS · Member since 2015 · 2k+ posts · 2k+ votes
9y
@Brandon Leong I was closing with hard money, so possible that these items are not required. I will be refinancing soon with "traditional bank money" so I may need these items. I'm glad to know about them, I'll keep you posted on my next appraisal cost.
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Trista Fenner
Real Estate Investor · Liberty, MO · Member since 2016 · 65 posts · 24 votes
9y
I've paid $350 for just SFH appraisal so those additions probably aren't far off.
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Brandon Leong
OP
Investor · New York, NY · Member since 2017 · 40 posts · 5 votes
9y
Thanks @Trista Fenner
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Jim BlackburnBusiness Member
Lender · Florida Based (48 states Puerto Rico) · Member since 2017 · 321 posts · 121 votes
9y
About 300 Add 100-150 for distance, rural areas, extra square feet, or rent schedules Add 150 for lender buffer for unknown complexities that add cost In the end, borrow gets a copy of the invoice directly from the appraiser and only pays for what is invoiced to the lender
954-993-1625
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John Daley
Real Estate Investor · Kansas City, MO · Member since 2015 · 63 posts · 19 votes
9y
I will echo what most here have said. You can find a simple appraisal for ~$350 but it can go as high as $600 or as low as $250 if it's a simple 'drive by' appraisal. It really depends on what your lender and lending program require. But anything up to $600 is fairly common. You may be paying on the high side, but doesn't sound like a 'rip off' to me.
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