April 20th, 2009

I own my own home. I am trying to get a home improvement loan to remodel/facelift. If my appraisal doesn’t

onceisenoughilearnedmylesson asked:


cover the amount I need, can I back out of the deal, and how much will it cost me?

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2 Responses to “I own my own home. I am trying to get a home improvement loan to remodel/facelift. If my appraisal doesn’t”

  1. Brad R Says:
    April 21st, 2009 at 3:27 pm

    Typical appraisals cost between $300- $350. If the bank is smart (in this market), they will request you pay for the appraisal up front. Should the appraisal not come in high enough, you’ve bought the appraisal and you can cancel the deal. If the bank paid for the appraisal, they will probably ask you to reimburse them if you decide not to go through with the loan.

    Make sure the appraiser knows what you are doing to remodel….and have the appraisal done “subject to completion” that way any improvements you plan to do will be accounted for.

  2. Walkaway_Joe Says:
    April 24th, 2009 at 9:51 am

    Yes, you can back out until the last minute. If the appraisal is completed, you will be expected to reimburse the lender’s appraisal expense if the appraisal was not directly paid for by yourself. That’s only fair, right? A “full” appraisal is usually $300 to $350 for a typical house.