Should I have to pay for an appraisal?

[Dave P.]

I am currently in the process of applying for a HELOC. Today, I was given an appraisal of 145K on a house I bought for 135K 2 years ago. No one actually came to the house instead comps were done. With another lender earlier this year, the house appraised for 183K, Someone actually came out to the house and viewed all 3 units inside and out. I did not go with this lender as the product turned out not to be a HELOC but instead a refinanced loan product. This credit union I am working with is willing to do a full appraisal for 450 but does not guarantee that the value will be different.

Here's my question;

Should I pay 450 dollars for a more thorough appraisal, negotiate and have lender pay for this or go with a different HELOC lender?

Thanks.

[Jim Adrian]

@Dave P.

If you want the highest value for your heloc then you will need to pay for the full walk through appraisal.  I had to do this in December otherwise they were going to use county assessor values which are way lower and would not have helped me.  I would ask them if they could use other appraisal but I would guess they will not use it.