3 Things to Consider When Hiring an Appraisal
Company:
- Is
the appraiser knowledgeable in the area and property for which
you hiring them. This is especially important for a typical
properties or difficult appraisals where prior knowledge of the
neighborhood will be very useful. An appraiser who is local
tends to have more knowledge of the community and market trends
in the area and better resources to accurately appraise your
property.
- Does the company doing your appraisal have
the most appropriate data sources for the area and property type
to be appraised. Some appraisers choose not pay for the best
data sources to save money, which can adversely affect the
appraisal report. the resources include experience in working in
the specific market.
- Does the
house appraisal company provide professional and ethical service
with reasonable appraisal fees and turnaround times. Residential
fees can vary greatly depending on the region, property and time estimated to complete the appraisal report. The more complex
the appraisal report, the higher the fees. While the
national average for a standard residential property appraisal fee
is around $350, fees do vary by region from approximately
$250-$500 for standard properties. Complex residential
appraisal reports can exceed $1,000. House appraisal reports
for FHA loans are not considered standard and tend to have higher
fees due to the extra amount of work and time it takes to complete
the report versus a report for a conventional loan.
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