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Old 06-11-2021, 11:56 AM
 
143 posts, read 87,899 times
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It also says in the lender system portal, "entry to the home is not required". This is for an FHA loan. I would like to know how this appraisal is actually done. Does the appraiser actually go to the location and walk around the property from the outside? Or do they just use public and MLS data to evaluate the property? And/or is this process usually faster than the regular appraisal? Any info is appreciated. This is a transaction with rocket mortgage (formerly quicken loans).
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Old 06-11-2021, 12:01 PM
 
576 posts, read 658,526 times
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Typically, this is a "Drive-by Appraisal". The appraiser will drive by the home, take a front and street photo, make some notes and keep going. A few will walk around the outside of the property.

The appraiser has to have reliable information about the inside of the property. This usually comes from MLS pictures, if it's a sale. Or, the appraiser will contact the homeowner to send photos of the interior and/or give information about the condition, number of rooms, additions, etc.. Public records are used for some of the physical characteristics.
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Old 06-11-2021, 12:05 PM
 
143 posts, read 87,899 times
Reputation: 15
Quote:
Originally Posted by thebigW View Post
Typically, this is a "Drive-by Appraisal". The appraiser will drive by the home, take a front and street photo, make some notes and keep going. A few will walk around the outside of the property.

The appraiser has to have reliable information about the inside of the property. This usually comes from MLS pictures, if it's a sale. Or, the appraiser will contact the homeowner to send photos of the interior and/or give information about the condition, number of rooms, additions, etc.. Public records are used for some of the physical characteristics.
thank you very much.
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