Depending upon individual lender guidelines, you may or may not have to pay for an appraisal upfront. There is no requirement from a regulatory perspective but from a lender's policy. A lender will need to have a property to appraise, and in the case of a refinance, it's a property you already own. If you're buying a property the lender will wait to see an executed sales contract. But there are a couple of types of appraisals lenders can require. A full appraisal or a drive-by appraisal.
As a lender prepares your loan for processing, one of the first things to be done is submitting your loan application to an online underwriting system. This system, called an automated underwriting system, or AUS, will issue an approval within minutes after receiving the loan. Part of the approval process will tell the lender which type of appraisal is required.
A full appraisal is an on-site ฝากขายคอนโด visit by an appraiser that inspects both the interior and exterior of the property. The appraiser will evaluate the property in part on the condition of the property as well as other non-tangible items. If the property is in "average" condition the appraiser will say so. If there are superior upgrades such as a newly remodeled kitchen the appraiser will put that in the report. If the property has a nice view of the mountains or backs up to a greenbelt, again those items will be noted.
A drive-by appraisal is so-called because the appraiser doesn't enter the property, either by the front or back door or even walk in the backyard. A drive-by appraisal simply makes note that the property does in fact exist and it appears in good condition from the exterior.
Depending upon the overall quality of the loan application, either type of appraisal can be required. If there is a large down payment and the borrowers have excellent credit just a drive-by might be needed. Otherwise, anticipate a full appraisal to be performed.
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