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Question DetailsAsked on 3/4/2014

How Much Should A Home Appraisal Cost? I RealEstate Appriasal

selling my home need a market value appraisal

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1) Sounds like you may mean a Comp - a Comparative Market Analysis, to tell you what the house is likely to sell for. Of course, if being sold by an Estate, may need a formal Appraisal for estate tax purposes, but that is regardless of whether being sold or not. A Comp is usually done by the Realtor you are working with, for free - involves just a few minutes to half hour selecting (from the MLS records) a few comparable houses in your area with recent sales or listings, and gives you an opinion on what your house's likely sale price will be in the current market in your immediate area. Typically also recommends a Listing Price.


2) An Appraisal, on the other hand, is required by the lender before making a loan on the home - requires an appraiser they approve of, not ordered before a contract for sale is in effect, and usually paid for by the BUYER in closing costs. For a typical home in the $150-300,000 range, appraisal costs about $300-500 seems to be in the normal range. Of course, for a mansion worth $20 million, a lot more.


3) Cost can be on lower end if you use same appraiser who appraised it last time, as he has less typing to do to prepare the report and less homework to do - basically just an update rather than from scratch.


4) On the other hand, if vacant land in a built-up area, high-end property, or there is something unusual about it that requires more research into valuation, then can be more. Items that commonly increase cost include significant docks (if unusual for the area), landing strips, multi-residence single-owner properties, elaborate interiors, lavish landscaping, historic designation properties, homes with mineral rights or extensive primary water rights in areas with water shortages, properties with a history of hazardous waste, famous or infamous houses known as being "haunted" or prior residences of significant personalities (a la Abe Lincoln, Elvis, Rockefeller mansion, etc) or of significant well-known crime scenes, "green homes" especially if odd building construction like hay bale or plastic bottle houses or domes, homes with on-site power generation, in-ground homes, ones with non-standard primary power or heating systems, homes in areas with very few sales (due to bad market values or very isolated), homes grossly out of normal price range for that neighborhood - the "castle in the slum" (or vice versa) scenario, one-of-a-kind homes, etc.

Answered 5 years ago by LCD




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