Appraisals are integral part of a real estate transaction. Appraisals are done to protect the lender. Lender is giving you money to purchase the home and lender wants to make sure that their money is protected. Home Appraisals are always performed by a licensed real estate appraiser. When buyer’s contract for purchase gets accepted, many times it is conditional upon home appraisal coming in at the price you are paying. In today’s markets appraisal contingencies are waived by buyers who have enough down payment to purchase the home. Low appraisals can break the real estate deal.
Appraisals typically cost about $500-$700. They also depend on home size. Some times they also charge fee to expedite the process. Typically the appraisal orders are placed with the Appraisal Management Companies (AMCs) that are approved by the lender. Then this order goes to the local appraiser that is contracting with the AMCs. The appraiser then takes appointment with the listing agent, to access the home. It is prohibitted for anyone to influence the appraisal process. In such influence someone tries to make, appraisers are required to report. After all they are working to protect lender money and lender wants unbiased opinion of value of the home in the current market.