Fair cost for appraisal

[Robert Leitner]

Hi all, I was buying an investment property in Phoenix, which I backed out of today after learning of HOA restrictions. I contacted my broker and asked him to hold the appraisal, unfortunately found out today that I missed stopping it. My RE agent was confused because she said it was never scheduled, the broker told me it was a table top appraisal so it didn't need to be scheduled because they don't go in the property. I've never had a table top appraisal on any of my properties and I'm a little frustrated that I'm paying full appraisal price for something less than that. Not that it matters anymore because I backed out for other reasons, but the appraisal came in $58k, or 19% under selling price. It's a crazy market and I expected it might come in under, but comps even support something within 10% of the selling price. My questions regarding the appraisal-

1. 1. It was $585, does that seem high for a table top appraisal? (for Phoenix if it matters)
   
2. 2. Do they have to disclose that they’re doing a table top beforehand?