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.
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.
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.
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?
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.
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.
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.
Associate Broker - 28 Years