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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.
looking for home equity lenders who use "drive-by" or "automated valuation" appraisals in nj.i am looking to get a home equity loan or heloc. does anyone know of lenders in nj who use "drive-by" appraisals or automated valuation" appraisals for loans under $100,000? my city assessed value is about $130,000.
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Ward a drive by is where the appraiser does not go into the home but just drives to it and takes a picture without having to get out of their car. These are never done on an FHA loan. Conventional loans used to allow them in our area depending on the lender. A lot of the time they are used for a refi or equity line loan.
· The scourge of every real estate sale is the possibility of a low appraisal. With a home sale, low appraisals can be deal killers. As a seller, if you think your home is worth $300,000 and the appraiser says $290,000, both you and your buyer could have a problem. The loan is going to fall $10,000 short of what you need to do the deal.
If you’re trying to obtain a honme equity loan or HELOC, you may be wondering whether or not you’ll need another appraisal on your home. Depending on your circumstances, the home equity lender may be willing to use a streamlined appraisal process, cover the costs of your appraisal or waive the need for an appraisal altogether.
how much my house worth today How Much is My House Worth in Today’s Market? – · They can accurately compare your home with those in the general area to come up with a fair estimate. Before putting a house on the market, sellers need to get an accurate idea of how much the current house values are. There are several ways to figure out how much your house is worth in the current market.
The latest second mortgage program from nationwide mortgage loans streamlines the funding process for home equity loans, because underwriting allows the use of an automated value model rather than a URAR or 2055 appraisal. Traditional appraisals require a licensed appraiser to visit, survey, and appraise a property and the comparable properties.