People tend to have many questions about the home appraisal process in Washington, and we’ve addressed some of them in the past.
In this article, we’ll review the average cost of a home appraisal in Washington, factors that can influence the cost, and scenarios where an appraisal might either be required or warranted.
Several factors are involved in an appraisal, including the following:
The appraiser will look at all these features relative to other similar homes in the area that have recently sold.
Given the various factors involved in a home appraisal and all the differences between one home and another, the time it takes an appraiser to assess the value of a home can vary greatly. That said, it can take a half hour to a few hours to complete an appraisal.
Once the appraisal report is ready, the appraiser will typically send it to the lender or homeowner within a few days. However, there could be a delay in submitting this report if the appraiser finds that additional information is required to provide an accurate appraisal.
In Washington, a comprehensive home appraisal can cost anywhere from $500 to $900 on average. For a typical home, you can expect to pay around $700 for an appraisal. But it can vary, so you’ll want to shop around if you have an opportunity to do so.
Homeowners who are having their own properties appraised can choose their appraiser. A home buyer, on the other hand, typically has to go with the appraiser chosen by the mortgage lender.
But like all things real estate-related, this can vary from one transaction to the next.
As with home inspections, home appraisal fees in Washington can vary due to several factors. Size is the most obvious variable. A larger house can cost more to have appraised since there is more square footage to evaluate.
The following factors can affect the cost of a home appraisal in Washington State:
Remember that the cost of a home appraisal in Washington State is typically a small percentage of the overall cost of buying or selling a home. But it’s still wise to shop around and compare quotes from different appraisers to get the best possible price if you have the chance to do so.
As a buyer, you won’t have to worry about looking for an appraiser to have a home evaluated. Your lender will take care of that for you. Once all details of your purchase agreement have been finalized, your lender will appoint an appraiser to assess the value of the property you’ve made an offer on.
That said, sellers may also opt to have their home appraised beforehand. However, your lender will likely still want their own appraisal done to ensure complete accuracy.
In a typical home-buying scenario in Washington, the buyer usually pays for the home appraisal (at least when a mortgage loan is used.) The buyer’s mortgage lender will require an appraisal to ensure that the home is worth the amount of money the buyer is borrowing.
But there are cases where a seller might offer to pay for the appraisal on the buyer’s behalf. For example, if the homeowners try to sell the home quickly and compete with many other sellers, they might cover this cost to entice more offers.
In the case of mortgage refinancing, the homeowner is generally responsible for covering the cost of the home appraisal in Washington. Lenders typically require a new appraisal to determine the property’s value before refinancing.
Additionally, some homeowners in Washington choose to have a home appraisal before listing their properties for sale. They do this to gain more insight into the market value and to establish a more realistic list price.
An appraisal contingency is a contract provision that can help protect a buyer if the appraised value comes in lower than the agreed purchase price. In general, this kind of section in a purchase agreement explains what happens if the lender’s appraisal does not support the transaction value.
When a home appraises low, buyers and sellers may need to revisit the terms of the deal before moving forward. Depending on the agreement, that could mean further discussion, a change in how the transaction proceeds, or ending the deal under the terms of the contract. Because appraisal results can affect financing and timing, this is often an important topic to understand before closing.
In Washington, the home appraisal can either be paid when the service is performed or rolled into the closing costs. This depends on the relationship the lender has with the appraiser.
In many cases, the home appraiser will require payment at the time the appraisal is actually performed. But there are scenarios where the mortgage lender might cover the cost and then charge the borrower separately as part of their closing costs. It varies.
When you apply for a mortgage loan in Washington, you will receive a list of the individual costs you must pay at closing. But it never hurts to be proactive. You can always ask your mortgage lender how the appraisal process works and when the payment will be required.
We’ve covered a lot of information here, so let’s close out by summarizing the most important takeaways from this article:
The bottom line: The average cost of a home appraisal in Washington for standard residential properties typically ranges from $500 to $900, depending on factors such as property type, location, and complexity. If you work with an experienced and reputable mortgage company like Sammamish Mortgage, you shouldn’t encounter any surprises regarding the home appraisal or related costs. Everything will be disclosed to you in advance and in clear language.
Are you looking to get a home loan in Washington State? If so, Sammamish Mortgage can help. We serve clients across Washington, Idaho, Colorado, Oregon, and California. Since 1992, we’ve been offering multiple mortgage programs with flexible qualification criteria to borrowers across the Pacific Northwest, including our Diamond Homebuyer Program, Cash Buyer Program, and Bridge Loans. Visit our website to get an instant rate quote or to use our online mortgage calculator. Or, contact us if you’re ready to get pre-approved for a mortgage.
In Washington, a home appraisal for a standard residential property typically costs between $500 and $900, with many appraisals averaging around $700. However, more complex, rural, or high-value properties can result in higher appraisal fees.
Appraisal costs in Washington can vary based on the size and type of property, location, appraiser experience, local demand, turnaround time, and travel distance.
A home appraiser evaluates factors such as the property’s age, condition, location, size, lot size, interior and exterior features, systems like plumbing and electrical, signs of damage, upgrades, and recent comparable sales in the area.
The on-site appraisal can take anywhere from about 30 minutes to a few hours, depending on the property. The completed report is often delivered within a few days, though delays can happen if more information is needed.
In a mortgage-financed home purchase, the lender usually selects the appraiser. Homeowners getting their own property appraised can generally choose the appraiser themselves.
In a typical Washington home purchase involving a mortgage, the buyer usually pays for the appraisal. In a refinance, the homeowner is generally responsible for that cost.
Yes. In some situations, a seller may offer to cover the appraisal cost to make the transaction more attractive to buyers, though this is not the standard arrangement.
It can be. In some cases, the appraisal is paid upfront when the service is performed. In other cases, the lender may include the fee as part of the borrower’s closing costs.
Yes. Some Washington homeowners choose to get a pre-listing appraisal to better understand market value and set a more realistic asking price.
Lenders require an appraisal to confirm that the property’s market value supports the loan amount. This helps them manage lending risk before approving or funding the mortgage.
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