topic nspection and appraisal cost in Mortgage Loans

nspection and appraisal cost

RABQUE — Sun, 17 May 2009 17:40:55 GMT

Is the cost of the home inspection and appraisal generally an upfront cost?

Re: nspection and appraisal cost

Anonymous — Sun, 17 May 2009 17:51:19 GMT

Yes, they are usually paid by the buyer upfront.

Re: nspection and appraisal cost

eddymvp — Mon, 18 May 2009 01:35:29 GMT

you pay them upfront however you get re-imburst for the appraisal at the closing cost. Unfortunately the home inspections is not refundable.

Re: inspection and appraisal cost

Anonymous — Mon, 18 May 2009 04:44:48 GMT

The appraisal is paid by the bank in closing costs.............

The inspection is paid by you............Foolishly I didn't bring my check at the time and had to mail for it.

The Appraisal is ALL internal...............NO $$ out of your pocket.

Re: nspection and appraisal cost

Anonymous — Mon, 18 May 2009 18:45:25 GMT

question? I'm confused, we too already paid $350 for an appraisal. What do you mean we get it back at closing?

Re: nspection and appraisal cost

Anonymous — Tue, 19 May 2009 13:49:19 GMT

You (or the seller) have to pay for your appraisal. Usually you pay for it at closing as it is included in the closing costs. If the seller is covering all of your closing costs then they will be paying for it. If you paid for it prior to closing and the buyer is covering your closing costs then I would assume you'll be getting credit for that at closing.

Re: nspection and appraisal cost

Anonymous — Tue, 19 May 2009 19:10:28 GMT

Thank you so much, got it! I wasn't aware that it was credited at closing. We paid upfront and the sellar is paying all closing costs.

Thanks again

Re: nspection and appraisal cost

Anonymous — Fri, 25 Sep 2009 13:05:05 GMT

I paid $395 for Inspection an just paid $400 for Appraisal. The seller is paying $5000 toward closing costs. Does this mean the Appraisal $400 will credit to me at closing out of seller's contribution toward closing? Does the Inspection get credited as well if there is enough seller contribution toward close costs?

Re: nspection and appraisal cost

Anonymous — Fri, 25 Sep 2009 13:27:45 GMT

It just depends on how much your closing costs are. You should be able to look at your GFE and figure it out. If not ask your LO. As far as the inspection no you won't get credit for that at the closing.

Re: inspection and appraisal cost

Anonymous — Fri, 25 Sep 2009 15:06:43 GMT

@Anonymous wrote:
The appraisal is paid by the bank in closing costs.............

The inspection is paid by you............Foolishly I didn't bring my check at the time and had to mail for it.

The Appraisal is ALL internal...............NO $$ out of your pocket.

I think this depends on your bank. I thought this would be paid at closing, but my bank requires that the appraisal be paid for ahead of time. My LO said that it would be credited as prepaid at closing, and if the seller paid closing costs are enough, I will get a refund.

Re: inspection and appraisal cost

0errant — Wed, 16 Mar 2011 18:51:54 GMT

Lender asked for my credit card info for the appraisal. I paid $400, appraisal was done and submitted w/o utilities being turned on! Now they have the appraiser going out again today to verify utilities and are asking if I want to use the same credit card to pay him. Why am I paying twice, when it is the seller's responsibility to have all utilities on for inspections??

Re: inspection and appraisal cost

Anonymous — Wed, 16 Mar 2011 19:06:02 GMT

well that kind of depends. It is up to you and your team to make sure the house is ready for the appraisal by arranging it with the seller. IF the bank just ordered one without arranging it with the seller then no, it is not their fault that the utilities are not on. People commonly turn off the utilities in unused properties to avoid costs/minimize fire risks/etc. Often times restarting them can take a week or two due to getting gas/electric/water scheduled to come out...This is especially true with gas so they can come out and relight pilotlights, etc.

In any case, all appriasals are paid by the buyer. You may be able to negotiate that a bit in a way that you get refunded at close for that if it was directly the sellers fault. BY that, I mean that they specifically told you, your agent, or your LO that the utilites would be on by the appraisal date you informed them of. FI not, you are probably out of luck. In the end, the lender usually requires all direct out of pocket expenses that they incur to be paid by the buyer at the time of service. That is why they often charge for the credit check and the appraisal.