How much should I pay for appraisal?

4 Replies

Hey Bigger Pockets Community! Im in the process of buying my first home/investment property with VA Loan. I already tried to buy a house but the appraisal came up lower than the price of sale and the owner wasn’t willing to lower the price. That being said im now submitting the paper work for an appraisal on another property. And the bank is charging me $670.00 AGAIN. In the previous negotiation the appraisal says t was for $395.00. Is that ok? Why the banker is charging me more? PLEAS ADVISE Thank You. Héctor Iván Rodríguez

Updated almost 3 years ago

Hey Bigger Pockets Community! I'm in the process of buying my first home/investment property with VA Loan. I already tried to buy a house but the appraisal came up lower than the price of sale and the owner wasn’t willing to lower the price. That being said, I'm submitting the paper work for an appraisal on another property. And the bank is charging me $670.00 AGAIN. In the previous negotiation the appraisal was for $395.00. Is that OK? Why the banker is charging me more? PLEASE ADVISE Thank You. Héctor Iván Rodríguez

Agreed. We are rehab lenders and typically require an ARV appraisal. However, in my experience, the average cost for residential appraisal reports is between $375 to $500 (unless the property exceeds a certain price point, square footage, or lot acreage). Unsure why is would increase to this amount either.

The first appraisal seems a little on the low side (nice for you). My experience has been that appraisals are usually around $400-$600 and VA appraisals usually cost a little more than conventional.

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