Appraisal Fee Study
The Business Research Center at Southeastern Louisiana University conducted an online survey of mortgage lenders with offices in Louisiana and licensed Louisiana real estate appraisers to collect information on typical residential real estate appraisal fees paid in Louisiana in 2012. Fee data were restricted to appraisal fees paid directly to licensed appraisers (i.e., not routed through appraisal management companies (AMCs)), per guidance of relevant federal regulations for determining “customary and reasonable” fees.
Useable responses were received from 113 mortgage lenders located in 25 parishes (plus out-of-state) and 383 appraisers with primary offices in 38 parishes (plus out-of-state). Appraisal fee data were provided for properties located in all 64 parishes.
Typical appraisal fees were collected for five appraisal types for properties in urban, suburban, and rural locations. Median fees were analyzed by region of the state based on geographic designations by the Governor’s Office of Homeland Security and Emergency Preparedness (GOHSEP).
The five appraisal types for which typical fees were collected included:
- Form 1004 (Full appraisal)
- Form 1004 FHA (Full appraisal for FHA)
- Form 1025 (Small (1–4 units) residential income property appraisal)
- Form 1073 (Individual condominium unit appraisal)
- Form 2055 (Exterior-only inspection appraisal)
Median fees across all regions ranged from a low of $300 – $350 for Form 2055 appraisals to a high of $500 – $650 for Form 1025 appraisals.
There was little difference in median fees for urban and suburban properties, while fees for rural properties tended to be somewhat higher.
There was significant variation in typical fees between regions, precluding the use of statewide averages for any appraisal type.
Although there was much variation depending on property details, the median typical large/complex property fee adjustment was $125, while the additional distance fee ranged from $25 for travel distances of 16-25 miles to $100 for distances of 51 miles and over.
This entry was posted by admin on July 17, 2013 at 8:30 am, and is filed under AMC, Appraisal, Appraisal Management Companies, Appraisal News, Appraisal Organizations, Appraisers News, Dodd-Frank Act / R&C Fees, Louisian Real Estate Appraisal Board, LREAB, Reasonable & Customary Fees. Follow any responses to this post through RSS 2.0.You can leave a response or trackback from your own site.