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Appraisal

Mortgage Library: Ask a Mortgage Related Question: Answers: Appraisal

Question:

Can a mortgage co charge you two times for a visit by appraiser if they say in 1st appraisal that work needs to be done on home you are considering purchasing?

P. G.
Granite Falls
North Carolina

Answer:

Dear P.,

A mortgage company can charge for multiple visits by an appraiser to a property. Usually, the appraiser will prepare an initial appraisal based upon the condition of the property when he/she initially inspects it. If there are repairs needed, the appraiser may be required to go back to the property to confirm that the repairs have been satisfactorily completed. This is often called a "final inspection". However, keep in mind that, by law, the mortgage company may not charge you appraisal fees that exceed the amount actually charged by the appraiser! For example, if the appraiser charges $300 for the initial inspection and $75 for the final inspection, the total bill would be $375. The mortgage company could not charge you $450 for the appraisals. If you question the amount being charged, you have every right to ask for copies of the appraisal invoices and a complete explanation of the charges.

I hope this helps!

Skip Dyer
ProActive Mortgage


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