The home appraisal costs in Dallas typically ranges from $500 to $750 depending on the size, location, and commonality of the home.
The home appraisal costs are not refundable and are represented in the closing costs. The Appraiser is compensated for their time and effort – not the result of the value.
Home Appraisal Costs
The square footage of the home influences the home appraisal costs more than anything. For example: an appraisal fee for a 7,000 square foot home can be $750 while an appraisal for a house with 3,000 square feet may only cost $550.
Likewise, the home’s location and available comps also influence the costs. Rural homes and/or homes with scarce comps may require more work; therefore, the Appraiser may charge more for the report.
Appraisal Related Articles
- Home appraisal process (great overview of the process)
- Don’t pay for the appraisal too soon
- How appraised value is determined (hint: it’s not price per square foot)
- Avoid appraisal pitfalls
- Appraised value vs. sales price – how to prepare for the worst
- How to fight a low appraisal
A final inspection may be required if the appraisal is “subject to”. This means the Appraiser notated that the property’s value is “subject to” a few conditions. For instance, for new construction, it means the house wasn’t fully completed, and for existing homes, it means that deficiencies were notated and may need repair.
When an appraisal report is “subject to” on an existing home the lender will determine if the repairs are necessary. In most instances, the repairs are necessary and are required to be completed before closing. There are, however, very common instances where a repair can be moved to after closing. It will ultimately depend on the program and lender’s internal policies.
Final inspection for new construction
New construction home loan appraisals are typically “subject to” as the house may not be fully constructed at the time of the inspection. The Appraiser will revisit the property once it’s fully constructed and take updated pictures to document that everything has been completed based on assumptions made during the initial inspection.
Appraisal final inspection fee
The lender will order the final inspection once notification is provided (by the buyer, builder, or Realtor) that the house is fully constructed (or that all repairs have been completed). A final inspection typically costs around $15o to $175 and can take two to three business days to be completed.
It’s worth noting that we often can close and fund a loan to purchase new construction without the final inspection.
Appraisal Rush Fee
Money talks. There are occasions where a closing date is approaching quickly and a rush is needed on the appraisal turn times. An appraisal rush fee is basically a bribe to encourage Appraisers to escalate the order. Appraisal rush requests cost around $150 to $200.
Unfortunately, there are instances when the appraisal doesn’t arrive as quickly as promised even after paying the rush fee. In these instances, the rush fee is still paid. It’s a flawed system. Sorry.
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Other Appraisal Related Articles
- AMCs: cost and impact on the appraisal process
- Appraisals requirements for various loan programs
- Types of appraisals and how to choose
- Appraisal reviews and second appraisals
- Appraisal waivers – because appraisals are not always required
- How is square footage measured