In the situation that an appraisal is needed and the cost is your responsibility, an appraisal company contact you directly to collect the payment prior to completing the appraisal.
The appraisal needs to be dated within the last 60 days.
The appraisal needs to be from an appraiser on the lender's approved appraisers list.
Appraisal companies can only accept credit cards.
Appraisals typically cost between $300-$400.
For the price, a lender can only use the lower of the purchase price on the purchase agreement or the appraised value.