Written by Robert H. Ruth
Yes you read that correctly; no appraisal required on some purchase transactions. Obviously this is not going to be the case on every loan, but this is a possible game changer in the lending industry. Let’s examine this development in greater detail in this post.
Appraisals are one of the key components of a mortgage loan
When a homebuyer goes to a lender for a mortgage the lender wants to make certain that the house is sufficient collateral for the mortgage loan and for this reason an appraisal is done on behalf of the lender.
Historically, the lender has relied upon the services of a licensed, professional Real Estate appraiser to perform the appraisal. The appraiser would visit the house to