Commercial appraisals are typically three times this amount $900 to $3,000 to start and written in a narrative format, sometimes as many as 100 pages. Larger scale projects may be significantly higher. The level of detail and associated cost is based on the scope of work requested. This is determined by what the purpose of the appraisal is and the required scope of work required.
Appraisals For Financing
When you are paying for an appraisal through a bank or lender you may end up paying much more. Industry regulations have imposed a required barrier between a person originating your loan (loan officer) and the appraiser, in most cases. A lender can have a in house appraisal department set up to perform this function or an Appraisal Management Company (AMC) is hired to play the middle barrier party. This will typically result in added costs of $75 to $200 to your appraisal netting a total appraisal cost closer to $450 to $550 for a standard non complex FNMA 1004.
Quotes will vary based on supply and demand. In a populated Metro location there will be many more appraisers than in a rural area. Different markets are busier at different times of the year and current housing market conditions.
Your best bet is call a few different companies You will find some may not be good to answer or even return your call and others may have no or bad reviews. So choose an appraiser that has experience and is available to answer questions before and after the appraisal.
Hope this is helpful and if you need any more information on a cost for an appraisal let us know.