Whitney Bulbrook, the president of Carolina Ventures Mortgage in North Carolina, said: “We are seeing added costs for reports. In years past, appraisals would cost the consumer on average, $525-$600. Now, the average is more like $675-$850.
“If you live in a more rural area or the home is more complex, then the costs may increase further. We see a few outliers here and there of up to $1,200-$2,000 in fees, but that’s rather uncommon. I’ve only run across that when it’s something we need on an accelerated timeline of say two to three business days.”
However, Colorado-based LO Matt Cooke said he did think the fees were “abnormal”. He said: “I have actually not found the appraisal issue at all. I can see that happening if a rush is needed, or the house that needs appraising is very remote, but otherwise I have not seen that at all. A $150 rush fee is normal though, so $750 for a return on a fast appraisal does not seem abnormal to me.”
MPA has contacted a number of appraisal companies for a response.