Typically, a home appraisal fee is part of your closing costs when buying a home. However, this fee is paid up front at the time of appraisal, not at closing like the rest of the costs. The fee itself will depend on a few things, including the location of your property and its size.
The appraiser is not immune to the buyer and seller wanting the home to appraise fully. However, we do still see low appraisals from time to time.
When an appraisal comes in low, you have a few different options. You can re-negotiate, or you can get a “value appeal” as a second opinion.
When talking with your lender, make sure you bring up the cost of the appraisal so you can be on top of it from the start.
If you have any questions about appraisals or want any more tips about them, give us a call or send us an email. We look forward to hearing from you.