Home Appraisal (Portland, Sherwood: real estate, insurance, mortgage broker)

[psichick]

Has anyone had an appraisal done recently? My estimate is showing $1,000 for the appraisal and I'm being told that is double what it should cost. I'm also being told by my mortgage broker that the cost is non-negotiable.

[Sherwoody]

Mine was $780 and arranged by my mortgage company, but I don't think you must go with who they usually use if you want to shop around yourself. Just be aware changing things up could slow the process and therefore cost you in some other unforeseen way. In our case the seller gave us an unbelievable price but wanted a 30 day close so we didn't mess with anything.

I sent you a DM. Good luck....

[oregonwoodsmoke]

If you are getting a mortgage, the company issuing the mortgage gets to use their own appraiser.

$1,000 is more than I paid last time, but the prices for all the real estate services appear to have gone up pretty substantially. I'll be paying a heck of a lot more for title insurance than I was expecting, and the escrow company wants a higher charge. So, I suppose appraisals have gone up, too.

[psichick]

Originally Posted by Sherwoody

Mine was $780 and arranged by my mortgage company, but I don't think you must go with who they usually use if you want to shop around yourself. Just be aware changing things up could slow the process and therefore cost you in some other unforeseen way. In our case the seller gave us an unbelievable price but wanted a 30 day close so we didn't mess with anything.

I sent you a DM. Good luck....

Thanks Sherwoody! From what I was told, if you're buying a house (which I am, yay), you don't get to choose your appraiser. $780 isn't too far off of $1,000, so at least I'm near the range. Maybe my mortgage broker put some contingencies in it, I'll have to ask.

And I definitely don't want to slow the process down, however, I was told if we keep up this pace, we'll close in 30-days easy. Yay!

[psichick]

Originally Posted by oregonwoodsmoke

If you are getting a mortgage, the company issuing the mortgage gets to use their own appraiser.

$1,000 is more than I paid last time, but the prices for all the real estate services appear to have gone up pretty substantially. I'll be paying a heck of a lot more for title insurance than I was expecting, and the escrow company wants a higher charge. So, I suppose appraisals have gone up, too.

Yup to your first sentence.

Bummer on the prices going up. Hopefully the $1,000 isn't the norm, but I think I'll ask around a bit more.

[jribe]

Originally Posted by psichick

Has anyone had an appraisal done recently? My estimate is showing $1,000 for the appraisal and I'm being told that is double what it should cost. I'm also being told by my mortgage broker that the cost is non-negotiable.

did one in october- $800.. i was told it's been a busy season and they can charge more.. my last house was about $400

[psichick]

Originally Posted by jribe

did one in october- $800.. i was told it's been a busy season and they can charge more.. my last house was about $400

What?!?! That sucks.

FYI to anyone reading, I was told that they estimated it high, just to be on the safe side.

[psichick]

Originally Posted by psichick

Has anyone had an appraisal done recently? My estimate is showing $1,000 for the appraisal and I'm being told that is double what it should cost. I'm also being told by my mortgage broker that the cost is non-negotiable.

Well, I just paid $750 to the appraisal company. Ouch.

[Yankeemama]

Originally Posted by psichick

Well, I just paid $750 to the appraisal company. Ouch.

I think is higher than what we paid in Portland but that was a few years ago. Congratulations on your new journey as a home owner in Oregon!