It’s certainly no secret these days that home prices and coincidentally value appreciation have been on a steady upward trajectory since the ‘Great Recession’… WAY UP in many cases! With that in mind, many lenders have relaxed the requirement of getting an appraisal done. The reasoning behind this logic is as follows:
- In terms of refinancing, increasing property value paired with decreasing loan amounts = less risk
- Data gathering for surrounding comparable properties has become much more efficient
- Our complex computer models for estimating value are more accurate
- Overall relaxed underwriting guidelines
This bodes well for you if you have some equity in your home or if you’re considering putting up a reasonable down payment when purchasing. Not only will eliminating the appraisal save you some serious up-front cash (typically $500 and up), it may also save tons of valuable time, avoid frivolous subsequent inspections, and escape the possibility of a bad appraisal. The down side is that you won’t get an ‘official’ opinion of what the property is worth. But we can help with that…
Just visit us here and book our PinPoint home valuation service for a FREE on-site physical estimate of what your home is worth. We’ll give you a highly accurate estimate of the REAL-TIME value of your property taking into account all upgrades and improvements.
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