Fee Survey…. Survey Says!

VaCAP Board

VaCAP Board

Coalition of Appraisers in Virginia at Virginia Coalition of Appraiser Professionals
Coalition of individual appraisers working together to unite, promote and protect the collective interests of all appraisal professionals in Virginia; to promote needed changes in laws, rules, regulations, policies and standards affecting all appraisers in Virginia; to observe and report the actions of regulatory, legislative, oversight, and standards-setting entities of the Commonwealth.
VaCAP Board

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Fee Survey....Survey Says! Appraisal Fee Increases & 2017 SurveysFee Survey Results & Fee Increase….

Appraisers have certainly been hearing a lot of negativity lately and we finally have some good news to share. The Veterans Administration has completed its fee survey. This is good news as the VA now considers $525 as the normal fee for non-complex properties in Virginia. This equates to a 16.5% increase from the previous fee of $450.

To see the new fee schedule for Virginia, District of Columbia, Kentucky, Maryland and West Virginia, please click here or see table below. The fees become effective 09/01/2017.

Greetings,

The purpose of this communication is to announce changes to appraisal fees and timeliness in the District of Columbia, Kentucky, Maryland, Virginia, and West Virginia.

Below, please find the new fee and timeliness schedule which will be effective on September 1, 2017, to allow program participants the opportunity to adjust to the new fee and timeliness schedule.

The current fee and timeliness schedule can be viewed here and will be in place through August 31, 2017.

Sincerely,
Loan Guaranty Service

Fees and Timeliness for Origination Appraisals

Fannie Mae Forms 1004 / 2055 1004C 1025 1025 1025 1073 / 1075 1004D Appraiser
State Single Family Mfg. Home Duplex Triplex 4 Plex Condo Repair Inspection Timeliness
DC $525 $525 $700 $700 $700 $525 $150 10 Business Days
Kentucky $475 $475 $625 $625 $625 $475 $150 10 Business Days
Maryland $525 $525 $700 $700 $700 $525 $150 10 Business Days
Virginia $525 $525 $700 $700 $700 $525 $150 10 Business Days
West Virginia $575 $575 $800 $800 $800 $575 $150 10 Business Days

Fees and Timeliness for Liquidation Appraisals

Fannie Mae Forms 1004 / 2055 1004C 1025 1025 1025 1073 / 1075 Appraiser
State Single Family Mfg. Home Duplex Triplex 4 Plex Condo Timeliness
DC $575 $575 $750 $750 $750 $575 10 Business Days
Kentucky $525 $525 $675 $675 $675 $525 10 Business Days
Maryland $575 $575 $750 $750 $750 $575 10 Business Days
Virginia $575 $575 $750 $750 $750 $575 10 Business Days
West Virginia $625 $625 $850 $850 $850 $625 10 Business Days

More news about appraisal fees!

Did you happen to catch WorkingRE this morning? The results of their 2017 Fee Survey have been released. See those results here.

Image credit flickr - Howard Lake
VaCAP Board

VaCAP Board

Coalition of individual appraisers working together to unite, promote and protect the collective interests of all appraisal professionals in Virginia; to promote needed changes in laws, rules, regulations, policies and standards affecting all appraisers in Virginia; to observe and report the actions of regulatory, legislative, oversight, and standards-setting entities of the Commonwealth.

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19 Responses

  1. Diana N. says:

    Sure wish CT would take a lesson from this. Costar still offering a HUGE $270.00 for a single family appraisal and unfortunately there are appraisers accepting it. .

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  2. Steven says:

    WOW Shouldn’t veterans be given a discounted price? 

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    • Jason says:

      They do. There is no added AMC fee! Last appraisal I reviewed in VA had a fee of $700. The appraiser got paid $375 and the rest went to the AMC.

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      • Diana N. says:

        That  money to the AMC  for doing what???  finding an appraiser willing to work for peanuts and then probably getting harassed with stupid questions and corrections because their machines & software can’t read the report right.  I have found very few decent AMC’s out there that I will work with.

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      • Steven says:

        I’m not sure what you mean. Which AMCs are doing appraisals for the VA?

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    • I’m a veteran…and I want reliability more than low cost. A veteran can buy a house with no money down and no closing costs. There are THREE things they should be willing to pay for:

      1. Credit report up front

      2. Appraisal

      3. ASHI Certified Home Inspection

      I’d pay up to a thousand for an SFR appraisal that also included ALL permit and Certificate of Occupancy verifications (which no one does reliably in large urban areas anymore due to difficulty in dealing with bureaucrats).

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  3. Jack Of All Trades says:

    In the year 2655 is when Illinois will have the same fee schedule.

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  4. Koma says:

    Pretty much in line with my fees. Homeowner clients get a slightly lower fee. Don’t pay my fee then you don’t get my services. And I don’t need the lousy AMC’s that are paying chump change! Diversify and you’ll be happier.

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    • Baggins Baggins says:

      My approach takes them off guard.  I don’t want to diversify, I only want one or two reliable clients who send me one or two orders a week, no more, no less.  If they want me to replace them with another client whom can meet my expectations I’ll be happy to pick up the phone and do that.  We look out for those bills.

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  5. Bill Johnson says:

    I welcome the update for other states, but even after my county (San Diego) went from $450 to $600 (Dec 2016), I question if they really take into account the cost of living. My primary zip codes are just under one million dollars in value, so a $600 fee here, compared to other areas that are at $525 ($300,000) still seems a miss locally.

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  6. Baggins Baggins says:

    Rampant inflation is here.  Your raise is an illusion and if you’re not getting a notable increase from 5 and 10 years ago, you’ve simply taken a pay cut via dollar devaluation and cost of goods and expenses standard increases.  We don’t ask others for raises, we give them to ourselves.  We are the free market which sets the appraisal fee.  Direct lenders are steaming nationally and there are a lot of them transitioning now or that have transitioned away from amc’s recently.

    Amc’s got exactly what they asked for;  ready substitutability of service relationships.  The shoe is on the other foot now.  Lenders whom try learn very quickly that there are a lot more appraisers answering the phones for them and working hard, if they do not force the appraisers to abide amc’s to acquire those orders.  At least 2 of the top 10 national outfits are right now moving away from amc’s and developing new panels.  You would not know that though, if you’re busy in the rat cage quoting fees for each individual order, always answering insane stips, worrying about your little performance matrix grading score or whatever.

    CO, cooling down but still strong.  $500 weak fee, $850 strong fee.  Good thing or I’d be out of business right now.  That was not a raise, that was a lifeline.  Sometimes it’s good to work hard, other times it’s good to drop out and refocus your efforts.  Ring ring;  Nope, that guy aint’ here no mo, watch u axking fo?

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  7. Retired Appraiser Retired Appraiser says:

    Survey Says….

    …Run, Don’t Walk!

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Fee Survey…. Survey Says!

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