Hi, I got 2 appraisals done and the cover sheet showed the fee around $300 each.
The lender (Wells Fargo) charged me over $600 for each one. I had to pay this fee in advance on my credit card, directly to Wells Fargo.
I'm miffed that WF charged such a huge markup when all they do is schedule the appraisal. Is this typical? Anything I can do to get some $$ back when the true cost of the appraisal is so much lower than what WF charged me?
Normally it is illegal for a lender to make a single dime from appraisals, and must pass the cost on either exactly at cost, or at a loss.
Wells Fargo, however, owns their own appraisal management company to get around this.
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