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Tips
on Hiring an Company for House Appraisal
There
are many things to consider in order to hire the right company
for house appraisal for your specific appraisal needs. We highly
recommend the use of a state licensed house appraisal company,
(Feeappraiser.com is a great place to start!), because most
states appraiser licensing boards only have jurisdiction over
state licensed appraisers. Additionally, state licensed appraisers
are required to meet federally mandated requirements including
appraisal courses, continuing education, experience and a test.
3
things to consider when hiring a house appraisal company:
-
Is
the appraiser knowledgeable in the area and property for which
you hiring them. This is especially important for atypical
properties or difficult appraisals where prior knowledge of
the neighborhood will be very useful.
-
Does
the company doing your house 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.
-
Does
the house appraisal company provide professional 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 house 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.
Commercial appraisal fees can vary greatly depending on the
property type and the report type. Commercial appraisal fees
of $1,000 to $5,000 are common nationwide although they can
go much higher for complex appraisal reports.
Turnaround times for residential house appraisal reports are
typically a few days to 2 weeks in stable times. Commercial
appraisal turnaround times can vary from 1-4 weeks for standard
properties in stable times.
**Please
consult with your local house appraisal professional for actual
quotes. Fees are set by each company depending on the
property to be appraised, typically with consideration to
the time it will take to complete the assignment.
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