Dangers of Waiving A Home Appraisal

Waiving a home appraisals may seem like a good idea at first. They can set you back hundreds if not thousands of dollars. They can take weeks to complete, and on the surface, these appraisals appear to be entirely optional thanks to other choices like relying on the bank to do an in-house valuation.

While waiving a home appraisal does indeed have some pros, they actually are definitely outweighed by the cons. Let’s take a closer look at why you should not be waiving your home appraisal.


Bank Valuations

Bank valuations are not as accurate as appraisals. While you can ask your bank to give you an appraisal waiver and then their own valuation, it likely is not going to be as accurate as getting your own home appraisal done. Their results prioritize their own internal loan portfolios. In other words, they are less concerned with finding the most accurate appraisal for real estate purposes.

Square Footage

One of the best perks of getting a home appraisal is that you’ll know with certainty the exact size of your home in square feet. This makes it easier to deal with potential buyers when they ask about the size of the property. It’s an important factor in receiving as accurate an appraisal as possible. That way you can be sure your home’s value won’t be overpriced or underpriced.

Too Much Information

You could give your potential buyers more info to work with. The fact of the matter is that most people are not foregoing their home appraisal because the process provides so much data on the home that can become invaluable during the sales process.

When not waiving a home appraisal for the sale it will provide you with detailed maps, high-quality photographs and other documents that will help smooth out the home-selling or buying process.

Waiving A Home Appraisal Isn’t What it Seems

While qualifying for the option to waive home appraisal seems like something to be taken advantage of, the bottom line is that it is the appraisal itself that is giving you the edge. In fact, if you end up not qualifying for a home appraisal waiver, you shouldn’t consider it a big deal.

Even though it is our opinion that you should always seek out a home appraisal and just about never use a waiver, you still may be unconvinced even after reading this post. If you’re still on the fence over waiving a home appraisal, or getting one – we can help with choosing which decision is best for you. Feel free to schedule an appointment with us at any time so we can help sort out your concerns.

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