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
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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.
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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