$1250 for a triplex appraisal? Does this sound right?

Question

So I'm buying a triplex in a town about an hour east of Phoenix. At first I was told the appraisal would be $650, then it was $750, then today I get a text from my lender saying its going to be $1250!? Reason is that its out of town, its a triplex, and the only comps in town are duplexes. Am I getting screwed here? Thanks in advance!!

Ralph R. · Answer

@Nolan Martineau

Remember the lender doesn't pick the appraiser.  according to dodd frank they have to send it to a pool of appraisers.  They are the ones that pick the specific appraiser.  That said I live in bush Alaska.  milk is $7.00 a gal, drinking water in the store is $6.00 a gal.  Gas is $4.89 a gal  our appraisers have to fly out here.  Round trip airfare is about $500.  I just had an appraisal done in Feb this year.  it was $900.  subtract the plane ticket and its not too bad!

RR

Nolan M. · Answer

Thanks for the responses, I'll talk to my lender tomorrow.

Michael Beeman · Answer

@Nolan Martineau

My lender usually sends out appraisal offers to 3 or more appraisers to see who comes in at the lowest cost.  But, 650 or 750 sound a lot more like it. My last 3 plex was appraised for 650.  Perhaps you could ask your lender if he sent it off to other appraisers.

Samantha Klein · Answer

I personally think your getting screwed but I don't know the norm in your area. I pay $450-475 for an appraisal on a duplex, a tri-plex wouldn't be much more.