Get matched with top property appraisers in Carrollton, KY

The purpose of the home appraisal determines which party pays for it. You’re generally responsible for the cost if you need to know the current value of your home to refinance your mortgage, though in some instances the lender will pay for it. The buyer pays for the appraisal when they are applying for their mortgage.

In cases where an appraisal comes in lower than an offer price, sellers might opt to lower their asking price to meet the appraisal, especially if the market is slow, and replacing the offer with a higher one may take a long time. Sellers can also offer to make repairs to boost the appraised value, hire another appraiser to get a second opinion, or just move on to another offer that isn’t contingent on the buyer getting a mortgage or an appraisal inspection.

The cost to appraise a home depends on the type. Common types include:

• Single-family homes: $300–$400

• FHA or VA single-family homes: $400–$500

• Condominium: $300–$500

• Multi-family home: $500–$1,000

• Apartment building: $1,500–$3,000

• Commercial properties: $1,400–$10,000

• Raw land: $1,000–$8,000

They provide objective, third-party valuation, guiding fair sales or purchase prices.