What is an appraisal waiver and should I accept one?

An appraisal waiver means your lender agrees to skip the traditional appraisal, relying instead on automated valuation models and existing data. Lenders offer waivers on some low risk loans when they are confident in the property value. Accepting one can save time and the appraisal fee, and it removes the risk that a low appraisal will force renegotiation or kill the deal. However, you lose an independent opinion of value and condition. If you are paying near or above list price in a competitive market, skipping the appraisal adds risk that you may overpay. The specifics depend on your situation and a licensed lender should confirm, and Jon can connect you with one.

Specifics depend on your situation and should be confirmed with a licensed lender. Jon can connect you with one: text (623) 826-0888.