Appraisal: Lender charged me huge markup

Appraisal: Lender charged me huge markup

Rental Property Investor · Santa Barbara, CA · Member since 2016 · 75 posts · 40 votes

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? 

Thanks!

0Reply
28 views

1 Reply

Jump to latestLatest
  • Chris MasonPro Member
    Moderator
    Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
    10y

    @Andrew R.,

    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. 

Join the conversationCreate a free account to reply, vote on answers and follow this thread.