I am trying to buy a duplex for myself and my daughter. The lender is out of state and telling me that the cost of an appraisal in Maine is $725.00. Is that reasonable?
For a 2-family, yes that is standard for my area, too. Commercial 5+ units up to 20 will be $1500-3500.
Single-family appraisals tend to be closer to $400ish @Kathy Welch
To address the question posed in the thread title ... there is really not an "average" appraisal cost. In general appraisal fees are based on the time and complexity of the assignment, estimated turn time to complete the assignment as well as the qualifications of the appraiser performing the assignment. Rush assignments will command a higher fee and more experienced appraisers will often reflect higher fees than newly licensed appraisers.
No to the specifics, residential multi family properties (2 to 4 units) have a higher appraisal fee than single family homes. This is due to the expanded scope of work and lender requirements for these type of assignments as opposed to that for a typical single family residential home. The fee you noted is within a general reasonable range.
All preceding information is correct.
Price varies based upon many factors. However, our company usually charges around 700 for a small multi-family appraisal in the Fargo market based upon complexity. $725 seems reasonable to me.
The appraisal fee for my primary residence (SFH) in Bangor was $550 this past June. @Kathy Welch The number you've been quoted for a duplex sounds like it's in the right ballpark.
You have all been such a huge help - I love this resource :-)
Out of state lenders always seem to charge more for everything. It all depends on the type of loan you're using. I paid $700 for an appraisal of my duplex, but it was for an "As completed" appraisal so it was a little more involved. Go local next time and save a few bucks.
I just paid $775 this week for a duplex appraisal in Maine.
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