Get the Loan, Skip the Appraisaladmin
We are always looking for ways to save you money when it comes to your home purchase or refinance. One of the ways we do this is to check whether your property is eligible for an appraisal waiver – which could save you hundreds in appraisal fees!
Also known as a property inspection waiver, an appraisal waiver allows a homeowner to forgo hiring (and paying for) an appraiser to perform an appraisal on their current or prospective home.
Instead of someone coming out to walk through the property, we will use automated information based on data such as recent home sales in your neighborhood, to get the appraised value.
Appraisals can cost anywhere from $500 to $1000, so having it waived can save you a lot of out-of-pocket money.
It also helps to alleviate the stress of an appraisal potentially coming in low. When an appraisal does come in low, buyers typically have to bring additional funds to the closing table to cover the difference. An appraisal waiver immediately removes this stress from this part of the transaction for both the buyer and seller. No more having to wait weeks to find out if you are going to be able to close. In fact, with an appraisal waiver it’s possible to close in 15 days or less!
An appraisal waiver does require a 20% down payment to qualify, and I have to run the address through a system called DU prior to submitting any offers.
Not all homes are qualified for an appraisal waiver but checking to see if a property is qualified is easy, just reach out to me with an address!
Appraisal waivers can save you money and time, which is crucial in today’s market. Reach out to me today see if you qualify for and let me show you how great working with ALV Mortgage can be.