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I'm researching a HELOC and the credit union requires a home appraisal. They set it up with their vendor, I pay the vendor. They say it will be $490 and will include interior and exterior inspection.
Not super excited about paying $490 or having strangers in my house during a pandemic but the CU says this is my only option and they won't waive it.
Anybody know how long these things take and what exactly do they do? I've had home inspections before but never an 'appraisal'. I have some mad scientist DIY solar things going on an engineer probably wouldn't like but I don't know if an appraiser cares.
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We just refinanced. We paid (I think) $500, the appraiser called within 4 days, made an appt, wore a mask. Walked thru the house, took lots of pictures and submitted his report about 4 days later....
1. Said we are in Lava zone 3 (we are on Hamakua coast....a 3rd grader could look up the lavazone map online......)
2. Commented to DH about the swirl finish on our concrete slab which extends out to the lanai. Then submitted his report that we are Post and Pier construction. (the same said 3rd grader could look and see the house is on slab......)
Initial appraisal was submitted to mortgage company, then when they called me about something else, I mentioned the above issues....and the appraisal suddenly was revised down by 60k.
DH has many.....home grown....improvements. Comment per appraiser "Many improvements done in workman-like manner."
Overall, it was not an unpleasant experience and I think the above issues were more due to the overwhelming number of people trying to refinance.
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I did a VA refi (not a heloc so not really germain but might interest others). Loan company (Loan Depot) asks value of home. I say Zillow said 357K. They say, okay, thanks.When I got final papers there was an appraisal fee of $50, an appraisal estimate of 315K, (refi is 325k) and a note that the accuracy of the appraisal may be about 50% right.
Posts: 7,734
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Joined: Jun 2011
I wound up walking away from the HELOC. The appraisal fee went from the advertised zero, to $490, and then to $1,000 "because I'm in Hawaii" so I told them to pound sand. I might have paid it if I actually needed the HELOC, but I applied for it more in a "just in case" type of scenario I saw some too-good-to-be-true property deals. I have other lines of credit I can tap that aren't a bait-and-switch scheme if the need arises.
