drive by appraisal vs full appraisal

In certain cases, homeowners or lenders request a drive-by appraisal. As the name suggests, this type of valuation is not as thorough as a standard appraisal, though it is still completed by a licensed or certified real estate appraiser. With a drive-by appraisal, the professional doesn’t enter the home.

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A mortgage lender can get a general idea of a property by conducting a drive-by appraisal. This involves merely driving by a house and assessing its value from the street. However, these appraisals can be flawed, since they give no clue as to the condition inside the home, making them risky.

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Did you know it’s possible for a single home to have several different values and prices attached to it? It’s true, and it’s a common source of confusion for first-time buyers. In this in-depth tutorial, we will examine the differences between the assessed, appraised, and fair market value of a house.

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Appraisal Nightmares -  No End In Sight | "Drive-By" Appraisals. The Alabama Real Estate Appraisers Board takes the following position on the issue of Drive By Appraisals. The determination of the extent of inspection to be performed is the responsibility of APPRAISER, not the CLIENT. The appraiser has the obligation and the responsibility to determine the extent of inspection required.

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In a refinance, however, a low appraisal may not be a deal breaker. Let’s say your lender is willing to loan you as much as 80 percent of your home’s value. If the property is appraised for $300,000, you can get as much as $240,000 in financing. If the appraisal comes in at $290,000, the maximum loan amount is $232,000.