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Appraisal Fee?
3:33 PM 01/16/2013
NY
Hi all,
In the process of buying a house in Brooklyn and the mortgage company originally quoted us $550 for an appraisal. Now the mortgage application says $750 and we're also supposed to authorize that they can charge us $750 for it when the time comes. I called them out on this, and their response was two-fold:
1) They're saying they need to overestimate to avoid the bank from "getting stuck with paying the difference" if it does end up higher, and
2) "The appraisal fee isn’t 100% set in stone because the cost of the appraisal can change if the value of the property is determined to be higher than what we’re estimating. The cost goes up for higher valued properties, so we have to have a small cushion in there to protect the bank in the event that the appraised value is higher than the purchase price."
Neither answer directly addresses the fact that I chose this lender based on the rates they gave me (and they knew that).
Thoughts?
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Bedford Stuyvesant, NY
Welcome to the club, buckle up and enjoy the ride!
Don´t waste your time torturing youself about $ 200, there will be dozens of bigger occasions ahead.
You will not be able to teach them a lesson, it´s their game and they always win.5:12 PM 01/16/2013 | 0 Votes
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Comments (1)
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NY
thanks for the words of support! I agree that $200 is not worth such a headache, but it's still frustrating to see stuff like this come up so quickly after we finally chose a lender.
5:28 PM 01/16/2013
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NY
How Many Families is the property? If its a 2-4 Unit- the fee of $750 is probably right.
What Rate did you get?
Vanessa Thatcher
Senior Loan Officer
Atlantic Home Capital
4175 Veterans Memorial Hwy
Ste 310
Ronkonkoma, NY 11779
Office: 631-687-3510 x106
Direct Fax: 631-918-5222
Cell: 631-672-4113
8:31 PM 01/16/2013 | 0 Votes
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Lindenhurst, NY
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NY
That's right- lender utilize AMC's- Appraisal Management Companies to out source the appraisal requests and since the use of an AMC has been implemented the appraiser and the management company has their hands in the cookie jar. It seems like these fees just keep increasing. What used to be a $300 fee for a single family home now varies from $375-$425.
Vanessa Thatcher
Senior Loan Officer
Atlantic Home Capital
4175 Veterans Memorial Hwy
Ste 310
Ronkonkoma, NY 11779
Office: 631-687-3510 x106
Direct Fax: 631-918-5222
Cell: 631-672-4113
9:29 PM 01/16/2013 | 0 Votes
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NY
Comments (1)
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NY
we're under Under 625k, and were getting quotes for 3.5 in December, but 3.625 in January so far.
12:02 AM 01/17/2013
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NY
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NY
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NY
I am so sorry, you are incorrect- I've been doing this a long time. This is 80 ltv- you are mistaken. But I will not argue with you on this. If you or anyone else would like a good faith estimate, please feel free to contact me. I have a great reputation and you are not about to tarish it with information that is untrue. To be honest- sounds like your a loan office with a fake profile trying to tarnish a reputation that you had. I have no complaints on Brownstoner ever.
11:07 AM 01/17/2013 | -1 Votes
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profile isn't fake, check my posting history. Not trying to tarnish anything but 3.25% isn't really out there right now unless you are in the absolute best scenario. Maybe you have some amazing product but checking all the lenders out there the only way to come close is for the low LTV loans. Best of luck to you.
10:08 AM 01/18/2013 | 0 Votes
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Lindenhurst, NY
windmill, a single family appraisal is between $375 and $450 depending on the lender.
I am not going to get in the middle of the other posts arguing about what rate is available. You are welcome to contact me directly if you have any questions as I too have a positive track record of Brownstoner referrals I am happy to provide you with. -Adam Direct e-mail: adamr@fast2fund.com9:48 PM 01/18/2013 | 1 Votes
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