When buying rental property with a bank loan what's the typical out of pocket cost for the appraisal?
450 or so
I just paid $600.
The bank decides who they want to use and how much to charge you; you will have to prepay for it.
Don't spend money to have your own appraisal. The bank will not take it.
I have paid between $450 and $650.
Thanks all. I just paid $575 on first rental property.
@Charlie McClskie I see you are new to Bigger Pockets. Welcome! It will help you to know there are many forums available on a wide variety of subjects. Glad you got an answer to your question, but you posted in the Renter's Discussion forum, which isn't the best fit. Many people erroneously post in the Renter's Discussion forum. Under the Community Tab you will find Forum Categories and you can check them out to find the best forum for your questions. As a new rental property owner, you may find the Landlord Forums and Rental Property Questions most helpful. Also, Do It Yourself. All the best to you!
FYI. Renter's Discussion: "This is the forum for renters who are looking for advice in dealing with their landlord. Ask questions about dealing with landlords, leases, tenant rights and other important issues."
I just paid $785 on 11/06/16 for an appraisal on a rental property I am refinancing.. I paid cash for the property exactly a year ago and decided to refinance it this year before the Feds increase the rates next year.
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For form work, appraisal fees can range from $350 to $600 for a SFR, $450 to $850 for a Multi (2-4 units), and $850++ for commercial (5+ units or retail/industrial, etc). Narratives only go up from there.
I'm a former (recovering) commercial and residential appraiser, so if you'd like to discuss further, PM me. I'm happy to help.
Depending on the area or complexity it ranges from $500-$850 +/-. A rental property requires three separate forms in the report: 1004 From which is URAR appraisal form, 1007 form which is the rental analysis and a 216 form which is an operating income statement. If you are purchasing a 2-4 unit it will be on a 1025 from which is a multi family form and usually runs about the same. Also a big added cost is if your lender uses an AMC (Appraisal Management Company), they hike the fees to take their cut of course.
Appraiser here: For (most) non-owner occupied single family residence appraisals a rent schedule and operations income analysis is required by most lenders in addition to the full appraisal report. The appraisal form for two to four unit properties has much of that information included. Costs are typically more than an owner occupied home for the additional forms.
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