Duplex Appraisal - $1500 / 2 months?

[Travis Jones]

Hello all.

Shopping around for an appraisal on a simple duplex in NE Portland and I'm getting back quotes of $1500 and almost 2 month turnaround times.  I bought the property 3 years ago and paid $500 for the appraisal.

Should I continue shopping around while I wait for confirmation from the lender that they'll accept any licensed appraiser, or do appraisals cost $1500 now?

Thanks! 

[Mathew Wray]

If you want an independent one for your own benefit, then have at it. But, your lender is going to use an AMC and just get it in the queue and who do you think is going to get priority...the 1 time job or the AMC that has hundreds of appraisals a month? Price will depend on size but $1,500 seems steep to me and while appraisal turn times are extending right now, 2 months is still excessive.

Trust your lender to do their work for you!