Skip the Appraisal, Please

Hello Hampton Roads,

Wouldn't it be nice if your lender would let you skip the appraisal?  Appraisal waivers do happen and as the name implies no appraisal is necessary!

Before I decribe the details of how it all works, let's back track a little and talk about what an appraisal is and what it's used for.  When a person gets a mortgage the lender orders an appraisal which is a neutral third party evaluation of the home to determine value.  It lets the lender know that there is sufficient value to justify the loan amount.  With an appraisal waiver, even though no in person appraisal is done, the value is still determined using a proprietary software program from Fannie Mae and Freddie Mac.

Appraisal waivers have become more common since Covid but are only available for convential loans and refinancing.  You can find out if you qualify for a waiver by asking your lender. 

Here are the 3 biggest benefits of getting an appraisal waiver:

1. Save Time: You don't need to wait for the appraisal to come back in order to finalize financing and you can also close faster.
2. Save Money: If you are the buyer not paying for an appraisal can save you more than $500.
3. Less Stressful: You're not worrying about the appraisal's value or about a late report delayingclosing. 

If you have any questions about the home buying process or real estate in general, please feel free to contact me--I'm happy to help!

Thanks for Reading,

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