Question:

What do real estate appraisal fees depend on?

Answer:

Real estate appraisal fees are paid to a qualified third-party appraiser who is expected to produce a report depicting the home’s condition and containing the appraiser’s opinion on how much the property is worth. Appraisal fees will vary from state to state, from appraiser to appraiser. Real estate appraisal fees will also depend on the square footage of the property, if it is a single or a multi-unit property, its current price, proximity to appraiser, etc.

House Value Estimation

There is another way to estimate your house value called CMA – comparative market analysis. It is done by lenders comparing your property against similar ones in the same area to achieve informal estimate of your property’s worth. This may come close to what lenders want, but an appraisal report will be of significant use to the lender since it is more detailed and both market value and appraised value will form an accurate sale price. The appraisal may report a lower market value than expected, but it usually can be raised after some additional repair work. A second follow-up appraisal on the property will cost much less than the original visit.

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Common misspellings: mortage and morgage