Financing in Frederick>Question Details

Blowefamily, Other/Just Looking in Frederick, MD

appraisals for less ? $500 no matter where you look and they jusyt do the comparable routine .

Asked by Blowefamily, Frederick, MD Wed Sep 8, 2010

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Brent Mendelson’s answer
If you wish to get a loan the lender you choose will randomly select the appraiser. It is callled HVCC and took affect last May. It has been and will continue to be a very poor system in my opinion. You may end up with someone coming from far away that doesn't know the area. Hopefully not the case. It's luck of the draw especially if you use a mortgage broker as opposed to a direct lender. There is a HUGE difference, and I have been both. If you just want an appraisal for a non loan purpose I can recommend a local appraiser that will have it in and out to you in 48 hours. Most charge now $450, if it's less the difference is refunded back at closing. I did just see one charge $350 so we refunded the difference at closing but most are $450. Hope this helps.
1 vote Thank Flag Link Wed Sep 8, 2010
If only it were that easy. Appraisers have to go through rigorous schooling and apprenticeship before they can practice on their own. Especially when they are doing government (FHA/VA) loans the criteria is exacting and the penalties are stiff if they are deemed not to have done a good or fair job.
0 votes Thank Flag Link Wed Sep 8, 2010
People renting and not selling are very common now. We did it ourselves, something to condiser. Don't you love how the prop values decline but not the taxes?? Mine went up earlier this year but the house dropped 100k. I do this for a living and barely understood the answers. If I can be of service please let me know. They are supposed to stay in a two mile radius generally but can go farther if there are simply no comps. You can try zillow.com for a VERY general idea of value also. Check them out and let me know how I can help.

Thanks,
0 votes Thank Flag Link Wed Sep 8, 2010
Thanks so much for these answers .

I did have an appraisal about a year ago and the guy they sent came from Virginia and seemed to not be having a good day and actually seemed rude .

I could have appraised myself by doing com parables too and saved $500 bucks .

All the foreclosures , bank low selling or short selling a couple blocks away , are gone and the neighbor looks great again .

Three years ago across the street and on the other end of our townhouses they sold for about 30k more then tax assessor said we at .then ( 305k )

So we were surprised for sure with appraisal last year .

Values heading back to up again it seems ( about time )

We do not want to sell , we love it here in Whittier .

We did see a townhome across the street a few houses sell and it wasn't an end unit so maybe the comparable stuff will look better now .

Mostly people are renting out their homes and just not selling now , so it is hard to see "comparables " if no one sells .

The tax assessment was about 305k a couple years ago but all this crazy market stuff has driven prices down ( although the tax rates have not gone down ! )
0 votes Thank Flag Link Wed Sep 8, 2010
Yep, that's about it. If you want to hire an appraiser to determine the replacement cost of your property, or a valuation based on income, you'll have to contract that separately. Generally, when it comes to houses and condos, they use the comparable sales approach.

Did you have any other ideas on how they might come up with a value for your property?
0 votes Thank Flag Link Wed Sep 8, 2010
If this is for your personal information, I can recommend Patty Esch. She can be reached at PattyEsch@comcast.net. She charges $350, I believe. Tell her Cathy Chapman with Signature Home Sales referred you to her.

Cathy Chapman, Broker
Signature Home Sales, LLC
301-514-6839 Cell
301-620-9880 Office
0 votes Thank Flag Link Wed Sep 8, 2010
You will have to use the appraiser the bank elects. Very few banks (if any) will allow an appraiser not from their choosing. In general, their fees are all comparable.. at least at my bank these fees are a direct pass through to the client. Banks aren't trying to make money on the appraisal, you actually see the receipt/bill as part of the appraisal.
Web Reference: http://www.nickhomeloan.com
0 votes Thank Flag Link Wed Sep 8, 2010
Many appraisers charge dependent upon sales price of a home. The more expensive the home - the more expensive the appraisal.

Often though - they are not making what is being charged. They may have to split the fee with the owner of the company - or - they are being paid a much lower flat fee by an appraisal management company.

I have some good appraisers that I am happy to pass along to you for Frederick, MD.

Shoot me an e-mail.
Good Luck!

Gerry Dunn
Associate Broker - 28 Years
gerry@MyPotomac.com

Licensed in Maryland, Virginia and D.C.
0 votes Thank Flag Link Wed Sep 8, 2010
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