Selling a Home
When you’re selling your home, getting an appraisal is a key step in determining its value. While it’s not required, it’s highly recommended to have a professional appraiser assess the market value of your property. This gives potential buyers confidence in their decision and provides invaluable insight into the selling process. However, if you prefer, you can rely on your real estate agent to determine your home’s value. An experienced agent can consider certain factors and compare them to recent sales in the area.
Refinancing
If you’re refinancing your home, you may be able to skip an appraisal if your loan amount is below a certain threshold set by lenders. This can save you time and money, as you won’t have to go through the hassle of getting an appraisal done. Talk to your lender today to see if your loan qualifies for an appraisal waiver.
Government-Backed Loans
For government-backed loans, an appraisal may not be required depending on the specific lender. This can save time and money for borrowers looking for a loan on their property. However, it’s important to know your lender’s policies and requirements before skipping an appraisal to ensure your best interests are secured.
Other Considerations
Before skipping an appraisal, make sure it’s allowed by your lender and won’t end up costing you more in the long run. While skipping an appraisal may sound like an attractive option when faced with the extra cost of a home loan or refinance, it’s important to carefully consider the potential risks. Without an appraisal, you may have fewer protections in the long run if something were to go unexpectedly wrong with the loan.
While it’s possible to skip a home appraisal in certain situations, it’s not always recommended. When selling a home, getting an appraisal is a key step in determining its value. If you’re refinancing or getting a government-backed loan, an appraisal may not be required, but it’s important to know your lender’s policies and requirements. Before making a decision, make sure to carefully consider the potential risks and talk to your lender to ensure your best interests are secured.
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Richard has extensive experience in all aspects of buying and selling residential property. He has sold more than 400 homes and well over $100 million in residential real estate. There’s no need to guess. Get expert advice that will allow you to buy and sell with confidence and ease.
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