Your rights and options when a home is appraised
Chapter 5: when there is no appraisal
Know this
Some conventional loans qualify for a waiver of the full appraisal when the investor's systems already have enough data about the property. The lender decides whether to use it. A waiver saves time and cost, but you lose an independent professional check of value, so consider a home inspection and your own research.
Last reviewed against the primary sources listed below.
Trade-offs
| Waiver | Full appraisal | |
|---|---|---|
| Cost and time | Lower | Higher |
| Independent value check | No | Yes |
| Available | Only when offered | Generally |
Appraisal questions
Can you buy a house without an appraisal?
Sometimes, if the loan qualifies for a waiver or you pay cash. You give up an independent value check.
Is an appraisal waiver a good idea?
It can save money, but consider whether you want an independent opinion of value.