Any Residential Appraisers here?

I am a week into refinancing my home and just found out they want to charge $1000 for an appraisal. I paid the $300 they initially quoted me, now the loan officer said the cost went up to $1000 due to mitigating factors that include: an apartment building next to my house (separated by a row of 50 foot tall Norway Pines, a farm field behind by house and the Mississippi River (which is over a half mile away and 30 feet lower than us.
All of these things were here before my home was built and they never had an issue financing before. I think there is some screw job at play and someone is lining their pockets.
I called 3 local appraisers (STC area) and they all thought it was ridiculous. The local guys figured 450 to 500 would be sufficient.
Thoughts?

I’d find myself a new loan officer. If they screw you once you can be reasonably sure they will screw you again.

Yep find a new loan officer. I just refi’d my house and my total refi cost was like $1100…

Brad Dimond wrote:

I’d find myself a new loan officer. If they screw you once you can be reasonably sure they will screw you again.

Yeah its a massive corporation so no doubt they have many people dipping their hands in the pockets. I might just reach out to the credit union and say screw big mortgage altogether. I am taking a small amount of cash out, but its still WAY below what my property is worth. I have around 50% equity Id imagine and just looking to get some cash which I am sure is a contributing factor this time. A normal refi might not be an issue.

If it’s an appraisal fee it has nothing to do with the lender. That would be on the appraiser.

Many lenders have close ties to appraisers. You certainly can hire a different appraiser than the one recommended by the lender.

If you have that much equity they should just need a desktop appraisal that shouldn’t cost more than $500. Call a local lender that knows what they are doing, I know a few in the StC area if you want a recommendation. Also, from your description I’m pretty sure you live where a bunch of fellow IDO’ers grew up or (mis)spent a lot of our youth

We did a Refi late last year through a credit union and our appraisal was $500. I’d agree it sounds like some shenanigan’s are happening somewhere.

Brad Dimond wrote:

Many lenders have close ties to appraisers. You certainly can hire a different appraiser than the one recommended by the lender.

Agreed. The mortgage company is freedom mortgage. They use an outfit call Valuation Connect which is a nationwide company. I called them to ask what’s up and they said Freedom says they need an appraisal, Valuation Connect puts out something for bids and people bid on it. She told me that Freedom had to “approve” the cost which they apparently did without talking to me about it. When I told the Mortgage guy that it was ridiculous he said they might be able to refund my $300 based on this huge change.

BigWerm wrote:

If you have that much equity they should just need a desktop appraisal that shouldn’t cost more than $500. Call a local lender that knows what they are doing, I know a few in the StC area if you want a recommendation. Also, from your description I’m pretty sure you live where a bunch of fellow IDO’ers grew up or (mis)spent a lot of our youth

I might hit you up on that. Since we have banked at the Credit Union for so long and they have treated us well I might just give them a shout to see whats going on. They undoubtedly would be using local people and not some schmucks from outside the area.

We refi’d last year, and they didn’t even require an appraisal. If you really have 50% equity, I’m really surprised they’re even requiring it.

Ralph Wiggum wrote:

We refi’d last year, and they didn’t even require an appraisal. If you really have 50% equity, I’m really surprised they’re even requiring it.

X2
Just re-fyd cabin and home.
No appraisal needed here.

Eelpoutguy wrote:

<div class=”d4p-bbt-quote-title”>Ralph Wiggum wrote:</div>
We refi’d last year, and they didn’t even require an appraisal. If you really have 50% equity, I’m really surprised they’re even requiring it.

X2
Just re-fyd cabin and home.
No appraisal needed here.

My last refi was 3 years ago and they didnt do an appraisal then either. They actually purchased my mortgage from another lender and there was never any appraisal down with the prior lender either. So they had no problem taking over the loan, but now this refi they want to whack me for a huge appraisal. I guess it isnt the mortgage companys fault the appraisal is so high because it goes through a third party who gets the appraiser. All this dog and pony show because the crash a few years ago. Added many layers to the process. The difference this time is I was going to get some cash back. I am getting the run around talking with these clowns and none of them return my calls.