 If you're buying or refinancing a home, your lender might give you the option to use a Property Inspection Waiver (PIW) on your loan application. The waiver eliminates appraisal fees by determining your home's value automatically, using a computer's online database from Fannie Mae, in lieu of hiring an appraiser. Additionally, it can reduce closing time substantially for buyers in a hurry.
This streamlined process sounds like a good deal. However, with a PIW it's important to keep in mind that your lender is not held responsible if the valuation turns out to be wrong. The information in Fannie Mae's database may be accurate to a degree since it's pulled from previous appraisals, but it won't be an up-to-date assessment of the quality in a building that inevitably changes every year. The system could easily overlook recent improvements and/or damages, meaning you could needlessly be out thousands when it's time to sell. At best, the valuation that comes with a PIW is an educated guess.
Don't leave your biggest investment to an "educated guess". An appraisal can cost a few hundred dollars but will save you thousands in the long run. Let Tight & Right Real Estate Valuation provide you with an accurate valuation of your home today. Contact us today for assistance!
Tight & Right Real Estate Valuation
Cardwell Thaxton, New Jersey
📲(908) 456-1593
📧CardwellThaxton@gmail.com
www.tightandrightrealestatevaluation.com
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