Profile picture for user8169841

Do all mortgage lenders require an appraisal of the house you are buying?

Do all mortgage lenders require an appraisal of the house you are buying? Are there lenders out there that don't require an appraisal? This would be for a traditional mortgage. Thanks.
  • November 19 2012 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (7)

Profile picture for user8169841
My2cent$ - our lender requires the appraisal. I don't think that not appraising it is an option. (?) The only comparable in the neighborhood we are moving to is $25K more than what we are paying, but it was sold 14 months ago. Maybe we'll just have to cross our fingers and hope for the best.
  • November 20 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for My2cent$
So you have a difficult property to appraise...your solution is don't appraise it. Is the seller or sellers's agent giving you that suggestion?
  • November 20 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Cindy Quinton
Yes, if there are no recent, similar, nearby sales the appraiser will go farther back, less similar, and farther away until they create the appraisal. 
  • November 19 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for user8169841
Thank you for your answers. I guess my more pointed question would be do appraisers ever look at past 6 months or outside of a mile radius when there are no comparables within those guidelines?
  • November 19 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

The role of the home appraiser is to "provide a professional opinion, usually an estimate of market value, to be used in making real estate decisions.

Typically, appraisers are employed by lenders to estimate the value of real estate involved in a loan transaction."

An appraiser hired by a lender works in the best interest of their client, the lender.

An appraisal assures the borrowers lender the property secured by the note is marketable in the event the borrower defaults.
  • November 19 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Yes, virtually every conventional loan will require an appraisal.  There are a few exceptions to the rule.  Nonetheless, it's for both your protection as well as the lenders.  An appraisal is a huge assett, it gives you an opinion of what the home is worth and it's general condition.  You don't want to buy a home that is not worth what you're paying for. 
  • November 19 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
Is there are reason you don't wish an appraisal?     The best way to avoid it is to pay cash.
  • November 19 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.