• Alex Press

How Much Does a Home Appraisal Cost?

How Much Does a Home Appraisal Cost?

For a home buyer purchasing a home in a specific area a home appraisal is important so that the lender will give you a loan for the mortgage amount. If the homebuyer is borrowing more then the home is worth, then the lender will not give the loan. Other reasons a home appraisal may cost money:

1. There is not enough time to complete the necessary work to get a "B" average of the home or the area.

2. The appraiser is not comfortable with all the work they have to do to get a true "B" average.

3. The area appraisal does not have enough information to include comps. The competitor's sales will not give you an "A" average. This is a quality issue to address. If there is another primary residence to compare it to, then that comparison should give a "B" average, not an "A" average. The comparable sales should been in the same neighborhood or as close to the subject as possible.