Updated almost 8 years ago on . Most recent reply
Lenders and Appraisals
I have started discussions with lenders to refinance a MF in Phoenix and I was curious about appraisals and the cost incurred by them.
Quick background: There are currently 10 CLOSED listings from the past couple of months on the MLS of other MFs exactly like mine (same build). So it's very easy to see a trend in the going price of my building.
- Should I be expecting all lenders to be doing the more expensive walk-thru appraisal, or could there be some out there that will charge me less for cheaper alternatives (i.e. drive by, or even just looking at comps on the computer?)
- Do some lenders ever make appraisals "free" as part of their products?
- Am I just wasting my time discussing appraisal cost with potential lenders since there are obviously more important aspects of the loans to discuss?