Each real estate property appraisal is developed for a specific use and for a specific user. The scope and level of reporting may vary depending on the intended use. Fees vary based on the complexity of the assignment and are generally lower for residential properties as market data is abundant for comparison. Commercial appraisal services are more involved and time consuming. After reviewing some basic property information and the intended use of the report, a fee quote will be provided promptly. The fee is not based on the size of the report but by the time that will be spent compiling, confirming, and analyzing market data.
Real estate appraisals for mortgage loan purposes for both commercial and residential properties must go through the lending institution. Banks will not accept appraisals that have been ordered by an individual buyer or seller as it is a regulatory requirement that the appraisal is ordered only by the bank.