Here’s how waiving an appraisal affects a transaction.
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If you’re out house hunting in this crazy market, you’ve probably heard the phrase (whether mentioned by a buyer’s agent or listing agent) ‘waiving appraisal.’ Today I’ll explain what an appraisal is and what it means to waive one during a transaction. I’ll also outline the pros and cons of waiving an appraisal from the buyer and seller perspectives. If you can believe it, waived appraisals are quite common right now.
Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch it in its entirety or use these timestamps to browse specific points at your leisure:
0:22—Why it’s common for appraisals to be waived right now
1:04—What is an appraisal and what does it mean to waive one?
2:04—Buyer and seller advantages
2:54—Buyer and seller disadvantages
5:50—Wrapping things up
As always, if you have questions about this or any real estate topic, don’t hesitate to reach out to me. I’m happy to help.