West Coast Appraisal Fees

[Tom D]

i love loandepot, long time direct lender client. when i saw their fee list, calif was much higher than my area. i asume it was because they had more expensive homes there. and they pay well here to.

 

[Najy Karanouh]

My parents had their home in Northern Washington appraised, and I believe the fee that was charged was around what the VA table had said. We'll have to see when we get there. I spent most of my life in the Vancouver, Canada/Seattle, Washington area, so at least it will be familiar.

 

[Najy Karanouh]

All appraisal fees are local. Supply and demand. The appraiser who quotes the lowest fee usually gets the assignment. Its always been that way. Since demand for SFRs are down 80%, it is unlikely fees will remain high and 'moving' into an area of where there were high fees is not going to result in high annual income moving 'there' anymore than being in an established market where you are 'from.'

https://www.benefits.VA.gov/homeloans/documents/docs/denver_fee.pdf

VA has a list of counties where there are a shortage of appraisers, but none of those counties are in WA or OR.

"High Demand Counties
Several counties across the nation have be identified as High Demand Counties, counties in which the increased demand for appraisal services has created shortage of available appraisers. While VA considers this to be a temporary market fluctuation, appraisal fees have been increased in these counties to reflect the increased demand in this seller’s market.

*The fees and timeliness increases will be reevaluated in the future and may need to be readjusted.
Counties Where Appraisers are Needed

VA encourages appraisers based in or serving these counties to submit an application for VA fee appraiser panel."

https://www.benefits.VA.gov/HOMELOANS/documents/docs/counties-where-appraisers-are-needed.xlsx

Yes, I took a look at the high-demand counties as well. Was interested to see how few states were actually on that list. And yes, I noticed the whole fee quote dynamic here in Ohio as well. And yeah, we'll have to see when we get there. I appreciate the input!

 

[Najy Karanouh]

Washington and Oregon have always had better fees. California has always been grossly oversupplied with appraisers.

Do you know of any AMCs/lenders that operate more in the West Coast area? I was hoping to apply to some.

 

[Alsie35]

My parents had their home in Northern Washington appraised, and I believe the fee that was charged was around what the VA table had said. We'll have to see when we get there. I spent most of my life in the Vancouver, Canada/Seattle, Washington area, so at least it will be familiar.

The VA fees are probably close to what most lenders charge borrowers for an appraisal ... however, how much the (non-VA) appraiser actually sees depends on the AMC's fee split.

 

[David S]

The VA fees are probably close to what most lenders charge borrowers for an appraisal ... however, how much the (non-VA) appraiser actually sees depends on the AMC's fee split.

So do the VA appraisal will have high fee since there is no AMC involved?

 

[Najy Karanouh]

It's my understanding that VA appraisals come directly from the VA. You have to be VA-certified obviously, so you can be on their panel.

 

[Dublin ohio]

So do the VA appraisal will have high fee since there is no AMC involved?

VA fees in CA are $850-$1000 depending on where you are. There is your answer compared to what you get for non VA

 

[David S]

VA fees in CA are $850-$1000 depending on where you are. There is your answer compared to what you get for non VA

Great! How can I be VA appraiser? Take some class, then apply from local VA office? But in my high tech area, seems not too many VA loan. Their loan limit at $1.0 m? We are at $2m~ $3m house price range. I am not motivated to drive too far away. The best case will do the non lender appraisal. But only get one order per month.

 

[bk_cali]

Here are appraisal fees for California and some other states.

https://www.benefits.VA.gov/homeloans/documents/docs/phoenix_fee.pdf

Most of California is $700.

You can find your state here.

https://www.benefits.VA.gov/HOMELOANS/appraiser_fee_schedule.asp

VA requires 5 years experience and recommendation letters from 2 other appraisers. My understanding is that their business is so slow that they are not adding appraisers to their panel in California at this time.