Are drive by appraisals lower?
In respect to this, are drive by appraisals accurate?
The obvious reason for this is the appraiser doesn't have an accurate view of the home and its characteristics. "There are few benefits to a drive-by valuation compared to a full one." Although appraisers have data available, that information may not be up-to-date or accurate.
Secondly, what happens when appraisal comes in lower than offer? Generally speaking, here's what your appraisal outcome means: Appraisal is greater than offer: If the home appraises for more than the agreed-upon sale price, you're in the clear. Appraisal is lower than the offer: If the home appraises for less than the agreed-upon sale price, the lender won't approve the loan.
One may also ask, do appraisers just drive by?
Drive-By Appraisal Usage Appraisers doing drive-by appraisals photograph the site and make notes about the property's condition, generally based from a view from the street. These appraisers also base the property value on data such as recent real estate sales and listings near the site.
Do VA appraisals come in lower than conventional?
VA appraisers tend to have more experience than their peers. There is no evidence to indicate that VA appraisals are likely to be lower than conventional reports. In the case of an estimate of value lower than the sales price, the seller can request a “Reconsideration of Value” from the appraiser's company.