drive by appraisal good or bad

My house should have a retail value of about 390K has a tax assessed value of 364K and other comparable homes in the area are selling in the 350 range and mine is on a double lot 2 acres. Confirm your gross living area if you can.

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They offer a free appraisal which consists of a drive by and comps.

. March 03 2008 0704 AM. Otherwise be required by The Standards. They are most often conducted at the behest of the lender.

Your 160000 loan amount based on the new 190000 value would push the LTV to 84. The drive-by appraisal can be good if you are just doing a rateterm refinance and want to save money. Most often a drive-by appraisal is ordered when the loan to value of a prospective loan is twenty percent or less.

These valuations are less costly than a full appraisal. Now imagine the lender comes back and tells you that the property only appraised for 190000. It is also important to mention that where your loan to value is 65 LTV.

But no agent can slave over a report examining every last detail with a microscope- and thats okay. As this is a drive-by appraisal only limited inspections have been undertaken Extraordinary Limiting Condition. This was convenient when COVID-19 was at its worst but the drawback of drive-by appraisals is that they dont actually see the inside of the home and a lot of it just relies on modeling and public records.

A drive-by means the appraiser visits the home makes note of the condition of the property and takes exterior photos. The client has agreed that the performance of this limited scope appraisal and the drive-by report format are appropriate for the intended use. If you are trying to take cash out of your homes equity though you may be better off paying for the full appraisal and giving the appraisal access to your home.

Will bad appraisers drive out good. Appraisers who will do what the principal wants may drive out those who will not. Although the full appraisal cost about 125 more than a drive-by appraisal the level of accuracy is far greater.

Your mortgage loan to value must be 75 or lower. The appraiser performs the initial research including recent. Home appraisals are conducted by a professional appraiser to give an estimate of the market value of a house or property.

In order to get a very accurate appraisal a full interiorexterior inspection is warranted. Buyers should be demanding full walk through on a home they are about to purchase. A drive-by appraisal includes in-house research as a starting point and then a physical visit to the subject property.

As the appraisal market is currently structured a lender chooses an appraiser and is seen by the appraiser as the principal. As the appraisal market is currently structured a lender chooses an appraiser and is seen by the appraiser as the principal. This could impede the ability to get accurate property values.

Cons of drive-by appraisals Other than the lower cost and the lack of need to meet an appraiser there are few benefits to a drive-by valuation compared to a full one. The main reason behind a consumers desire to have a drive-by appraisal is its lower cost. The appraiser can also take photos of the comparable sales used in the report.

In fact all good agents look closely over their appraisals. That equates to a loan-to-value ratio of 80 which is simply 160k divided by 200k. For some home buyers that could mean paying 350 to 500 for a traditional appraisal rather than 50 to 100 for an alternative valuation.

The appraiser completes the appraisal order but does not take interior photos. The free appraisal came in at just 266k over 100k less than the average. If the current listing information in the MLS is correct and the interior has been well-documented in pictures there is sufficient data for the appraiser to use.

For example if your home is worth 250000 and you are looking to borrow 187500 or less. However this has nothing to do with the ability or inability of the lender to judge quality. Drive-By Superficial Appraisal.

A drive-by appraisal sometimes requested by the mortgage lender takes a look at the neighborhood and at the visible condition of a homes exterior to get a quick idea of a propertys street value. However this has nothing to do with the ability or inability of the lender to judge quality. Most buyers and sellers should not be concerned with drive-by appraisals hurting any chances of the home appraising at offer price.

If there is no MLS data available on the property this type of appraisal cannot be completed. This afternoons breaking new story is an Agreement with the State of New York and Fannie Mae and Freddie Mac to make major changes to the way they do appraisals. Real Estate Agent with Maximum One Executive REALTORS 165062.

A drive-by appraisal is less in-depth the appraiser does not leave their vehicle to inspect the property and heshe will rely solely on the most recent MLS listing for size photos and room allocation. The drive-by appraisal can be good if you are just doing a rateterm refinance and want to save money. A drive by appraisal is actually very descriptive.

Drive By Appraisals are Dead. Here are a few things to keep in mind when reviewing a real estate appraisal. We often see drive-by mortgage valuations carried out when your remortgage is equal to or less than 75 loan to value LTV.

However are the savings worthwhile. All good agents look over their appraisals. Drive by appraisals are typically 5-10 lower on average than a full walk through appraisal.

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