Comments on: Lenders May Still Profit Most from Appraisal Fees

By: Baggins - Nagware Pro

Baggins - Nagware Pro — Thu, 28 Apr 2016 03:31:53 +0000

Something like 10 years later. Still on about this issue. Still waiting for a solution. Watching what once was an unsophisticated ruse for some spare change turn into a major money making scheme and increasingly sophisticated operational platform which knows no boundaries. What was once uncommon is now overwhelmingly common for almost all distributors out there, amc or not. Keywords; Junk fees & unearned fees.

By: Jane

Jane — Mon, 25 Apr 2011 20:52:28 +0000

I refinanced my one bedroom condo two years ago and had to pay for two appraisals totaling $1175. The first appraisal was done by an appraiser in WV about 60 miles away. All the sales in the appraisal were either foreclosures or short sales. There were about 35 sales at the time, 6 of which were distressed sales. He appraised my condo for $200,000. A second appraisal was ordered when I told the lender I was not going to refinance with them unless they used a local appraiser familiar with my market. I accepted to pay for the second appraisal which came in at $300,000 in line with the other sales of one bedroom condo in the building. I called the second appraiser a few months ago to have my condo appraised again. I had a buyer interested in buying it. When he quoted his fee of $350, I assumed he was giving me a $300 discount (nice I thought). Later he told me that he only got paid $250 for the previous appraisal. That he normally charged $450 before AMCs became mandatory and that he now gets paid between $200-250! I was outraged! What a rip off! How could this be allowed?

By: Jim

Jim — Thu, 21 Apr 2011 18:23:24 +0000

Good article. I’m glad to see more and more articles and discussions on C&R fees. Too many experienced appraisers have left the business making room for the inexperienced AMC appraisers. I’ve heard of a licensed appraiser in my area doing 5 appraisals a day at $125 each. Would love to get my hands on of his reports! Here is another article covering the same issue https://www.foxbusiness.com/features/are-you-paying-500-for-an-appraisal-that-costs-200