Exterior-Only Inspection Residential Appraisal Report File # Freddie Mac Form 2055 March 2005 Page 1 of 6 Fannie Mae Form 2055 March 2005 The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.
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What is the difference between a BPO & a home appraisal; isn’t the BPO slightly more biased because it is requested from the lender for a? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
In certain cases, homeowners or lenders request a drive-by appraisal. As the name suggests, this type of valuation is not as thorough as a standard appraisal, though it is still completed by a licensed or certified real estate appraiser. With a drive-by appraisal, the professional doesn’t enter the home.
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Full appraisal evaluations are recommended for homes that are in poor or highly upgraded condition. Full appraisals are also recommended for tax appeal cases and divorce in which someone might be disputing the value. Discuss your property and needs with one of.
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In a refinance, however, a low appraisal may not be a deal breaker. Let’s say your lender is willing to loan you as much as 80 percent of your home’s value. If the property is appraised for $300,000, you can get as much as $240,000 in financing. If the appraisal comes in at $290,000, the maximum loan amount is $232,000.
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Drive-by appraisal vs Interior appraisal, which is best? Everybody likes to save money, right? If you are getting a loan to borrow against the equity in your home, and you want the most cash possible, then a drive by appraisal may not be the answer.
A drive-by home appraisal is much like the term sounds: an appraiser drives up to the property, takes pictures and estimates the home’s value based on how it looks. Surrounding properties are also.