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Message
Why are home appraisals so expensive?
Posted on 8/22/16 at 7:03 pm
Posted on 8/22/16 at 7:03 pm
I was quoted $545 for my house to be appraised after we finish the kitchen to see about putting it on the market. Other prices were around there...
What's the deal? When I bought the home it was $400.
$150 in a couple years seems a bit egregious. I was floored when it was $400.
Anyone out there able to shed some light on the reasoning?
What's the deal? When I bought the home it was $400.
$150 in a couple years seems a bit egregious. I was floored when it was $400.
Anyone out there able to shed some light on the reasoning?
9
Posted on 8/22/16 at 7:05 pm to thejudge
I am stupid
This post was edited on 8/22/16 at 7:29 pm
Posted on 8/22/16 at 7:05 pm to thejudge
I have no clue. It's a good field to be in if you can operate a tape measure, a digital camera and look up comps at the courthouse.
Posted on 8/22/16 at 7:06 pm to thejudge
Because of all the training those guys go through to get certified to do home inspections.
Posted on 8/22/16 at 7:08 pm to DownshiftAndFloorIt
That's a home inspection.
My last appraiser was a woman. She measured my house, took pics and listed 3 comps. She was there for less than 45 minutes. $550 took a month for it to come in too. I was pissed.
My last appraiser was a woman. She measured my house, took pics and listed 3 comps. She was there for less than 45 minutes. $550 took a month for it to come in too. I was pissed.
Posted on 8/22/16 at 7:13 pm to CHEDBALLZ
quote:
I have no clue. It's a good field to be in if you can operate a tape measure, a digital camera and look up comps at the courthouse.
The courthouse? This isn't 1985. Nmls.com
Posted on 8/22/16 at 7:14 pm to thejudge
I did a refinance about 4 months ago and the appraisal was $400.00. It took the guy about 30 minutes. He was creepy.
Shop around
Shop around
Posted on 8/22/16 at 7:35 pm to Athis
I am an appraiser and I can tell you most appraisals are between 400-450 generally speaking and that price hasn't changed in about 15-20 years so actually they should be more. Banks are starting to require more work for same pay these days, but price hasn't changed. Several factors involved in this as to why they haven't increase, but the point is everything else keeps going up but our fees! Just FYI, measuring a house and taking pics are the easier parts. A report can take hours to put together
This post was edited on 8/22/16 at 7:37 pm
Posted on 8/22/16 at 7:44 pm to GeauxGoose
Yeah, my dad is an appraiser and these guys have it all wrong. He works his arse off on his reports, and has had to go to court quite regularly as a witness.
Residential appraisals are not the hardest thing in the world, but go look up the barriers of entry to become an appraiser, and you might understand why it has such a "high" price tag.
Bottom line is that you are paying for an independent estimate. Those tend to be expensive in any field.
Residential appraisals are not the hardest thing in the world, but go look up the barriers of entry to become an appraiser, and you might understand why it has such a "high" price tag.
Bottom line is that you are paying for an independent estimate. Those tend to be expensive in any field.
Posted on 8/22/16 at 7:52 pm to CHEDBALLZ
Damn, she only worked for 45 minutes and charged you that much?
Posted on 8/22/16 at 7:59 pm to thejudge
Drive time there, drive time back, car, equipment, etc, etc.
Posted on 8/22/16 at 8:01 pm to junkfunky
Dues and fees they pay are really high.
On line courthouse access say $200 month for each parish
Appraisal Institute dues $1,200 year
Appraiser license fees $500 year
Various other data base subscriptions $2,500 year
Continuing ed $2,500 year
MLS dues $200 month
Realtor/Broker dues $1,000 year
E&O insurance $1,200 year
Solftware licensing $2,000 year
Computer and printing costs/maintenance
Office expenses.....................
On line courthouse access say $200 month for each parish
Appraisal Institute dues $1,200 year
Appraiser license fees $500 year
Various other data base subscriptions $2,500 year
Continuing ed $2,500 year
MLS dues $200 month
Realtor/Broker dues $1,000 year
E&O insurance $1,200 year
Solftware licensing $2,000 year
Computer and printing costs/maintenance
Office expenses.....................
This post was edited on 8/22/16 at 8:03 pm
Posted on 8/22/16 at 8:07 pm to Athis
quote:
Shop around
Lol at shop around. Good luck with that. Banks don't exactly set the appraisal price, which is why they all charge about the same. Don't pay for your own and show up a bank with it. 9 times out of 10, you will need a bank ordered appraisal and still need to pay for a new one.
Most people have no clue what an appraiser does. Don't you think if they made $500 for "45 minutes of work and a camera phone" everyone would do it?
Posted on 8/22/16 at 8:07 pm to Drop4Loss
So under $10,000 a yr in expenses outside of transportation, you can add another $10-12,000 for that. If you complete 5 appraisals a week at $500 a piece that's still over $100,000 a yr. without having to have a college degree....... Not a bad gig.
Posted on 8/22/16 at 8:07 pm to Drop4Loss
quote:
Just FYI, measuring a house and taking pics are the easier parts. A report can take hours to put together
Hours, plural?? When do you find time to sleep??
Seriously though I think Drop4Loss basically summed it up. There's basically a whole pyramid scheme in place ripping off people trying to make a living doing appraisals so those costs get passed on to the clients.
Posted on 8/22/16 at 8:10 pm to Huey Lewis
Funneling money into Obamacare
which is the only reason it is so successful
which is the only reason it is so successful
This post was edited on 8/22/16 at 8:13 pm
Posted on 8/22/16 at 8:12 pm to GeauxGoose
I'm glad you set this idiot straight
Posted on 8/22/16 at 8:14 pm to CHEDBALLZ
quote:as of 2015, anyone that wasn't certified at that time now needs a 4 year degree
without having to have a college degree..
Posted on 8/22/16 at 8:16 pm to Gorilla Ball
The Appraisal management companies came in and undercut the pricing which in turn forced thousands of appraisers out of the business. Now the few that are left can command higher fees but the appraisal management company is also getting about 70% of what the appraiser charges. You should feel fortunate as there are some places in the country where a residential appraiser will cost you north of 5k!
Posted on 8/22/16 at 8:23 pm to junkfunky
quote:
Damn, she only worked for 45 minutes and charged you that much?
The time inspecting and measuring the property is only a fraction of the work that goes into an appraisal.
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