The information in Fannie Mae’s database is derived from past appraisal reports completed by professional appraisers. This data might be somewhat accurate, but it won’t necessarily be a current assessment of the exterior and interior quality in a building that changes from year by year. Without a professional appraisal of your home, new improvements and/or damages can easily be missed by the system.
Because of these deficiencies, it’s easy to imagine a scenario where your property is valued too high by the system evaluating it. If that happens, you could run into snags when it’s time to list it for sale. You could end up getting far less than you paid, and you’ll have no recourse against your lender when the money falls short.
An accurate, professional appraisal usually costs a few hundred dollars, but it could save you thousands (or tens of thousands) in the future. With a Property Inspection Waiver, there’s absolutely no guarantee you’re getting an honest valuation of your most expensive asset.
Joseph Mier & Associates can help.
Buying or refinancing a property is a big decision with big consequences. You demand to know without a doubt that you’re receiving a fair deal, and working with a licensed appraiser is the safest action you can take. Computers and algorithms are in almost every area of modern life, but when it comes to measuring the value of your property, nothing is more precise than the careful examination of a licensed professional you trust.