the Price of Home Appraisals

We were interested in buying a house, but before we could get it financed, the mortgage company required that a home appraisal be done. The mortgage company used a company that they are normally does their appraisals, but we had to pay the bill. They charged $375.00 for their service.

Since the mortgage company already had an appraisal company that they preferred to use, we didn't bother with trying to find a cheaper company (to be honest, we didn't even check prices). I feel that it was a reasonable price for home appraisal. They based the value of the home on many factors. Some of the things that they took into consideration were the size of the home, the neighborhood, the materials that the home is made of, and the age of the home. They ended up appraing the house at a higher value than the selling price. As a result, we were able to complete the financing with no down payment.

Before you finance any type of business or personal property, you will be required to have it appraised. Getting an appraisal will make you feel comfortable with the purchase price. It is also a good idea for people who are selling their home, so that they know that they are putting their property in the right price range.