I’m trying to close on an investment property in Boise and I just got the loan docs. The appraisal for a single family house thats brand new and 1966 sq ft was $850!!!!
Normally they cost $350 and if you doing an investment home they sometimes charge $450-$550 , but $850 is simply outrageous. The broker for the mortgage company “Market Street Mortgage”, had this explanation.
I know I think the appraisers are really “sticking it” to borrowers lately. FNMA etc required new forms as of Jan 1st so the appraisers took advantage of this and increased their prices. In addition lenders are requiring more documentation on NOO properties. We had to get a field appraisal and it was much more expensive than it has been in the past. As Brandy said we are just passing along the amounts that we have been charged. I don’t have a lot of room on this loan your pricing is at PAR as usual.
What a complete rip-off! Also, our agent [who is completely retarded and speaks about 4 words per minute] has been no help whatsoever. She’s pretty incompetent and half the time doesn’t know whats going on. She called up the mortgage broker[who’s been 2 weeks late on 5 out of 5 loans so far] on the last day wondering if he could close. Thats when he got started on the loan process and ordered an appraisal. So I’m guessing the appraiser charged extra for a rush job.
What a great concept! Offload your incompetance onto someone else!