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Appraisal
Fee - What it covers and the typical cost
An appraisal fee is a fee sometimes charged during closing costs to have a qualified
professional appraiser perform an appraisal or an estimation on the market value
of a property.
The appraisal fee will vary depending on the specific characteristics of your
home and the type of appraisal done. Appraisers may charge one fee for a single
family home and a larger fee for duplex, fourplex, or a commercial building
How much is an appraisal fee?
The typical appraisal fee for a standard owner occupied single family tract
home, condominium or town home is anywhere from $200 to $500.
Why is an appraisal needed?
Lenders use appraisals to confirm that the house you are buying is worth the
price you have agreed to pay. The mortgage lender does not want to be stuck
with a property less than what was loaned.
You can usually request a copy of the appraisal once your loan is complete.
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