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#2096561 - 09/01/16 03:04 PM Appraisal fee madness
Bec Offline
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Bec
Joined: Jul 2010
Posts: 1,115
The Great White North
Appraisal ordered. Just received notification that the fee has been increased to $2,000 due to the limited number of appraisers available. By available they mean that the appraisers in that area are very busy and to accommodate the time frame they are upping up the fee. While out of our control, I don't see this as a change of circumstance because it wasn't due to lack of information from the borrower. Am I off base here or does anyone think we would be able to adjust the fee and redisclose?
Last edited by Bec; 09/01/16 03:07 PM.
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#2096632 - 09/01/16 06:11 PM Re: Appraisal fee madness Bec
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 85,443
Galveston, TX
Nope - not a changed circumstance.
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#2096980 - 09/06/16 03:07 PM Re: Appraisal fee madness Bec
Truffle Royale Offline

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Joined: Jul 2003
Posts: 17,421
You're in my state so I have to ask, WHAT???!!!! Appraisals usually run around $350/$400 and you've got appraisers upping it by $2k more???!!! We do plenty of loans up there and haven't hit this yet. Are you sure this isn't just one appraiser going rogue on his pricing and giving you a line?

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#2097001 - 09/06/16 04:41 PM Re: Appraisal fee madness Bec
Bec Offline
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Bec
Joined: Jul 2010
Posts: 1,115
The Great White North
The property is located in Colorado.
It may still be the situation of a rogue appraiser. There must have been a reason to think that this would be a more costly appraisal though because the initial fee was disclosed about $300 higher than our usual fee. Leads me to think that perhaps more due diligence needed to be done prior to disclosure. But $2,000 seems a bit egregious to me.
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