Tips on Hiring an Company
for Home Appraisal
There are many things to consider in
order to hire the right company for home appraisal for your
specific appraisal needs. We highly recommend the use of a state
licensed home 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 home appraisal company:
1- 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.
2- Does the company doing your home 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.
3- Does the home 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. Home 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 home 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 home 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.
