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Attention Appraisers! What's the Deal with the Drive-By?

By Emily Lowe

Real Estate Agent with RE/MAX Homes and Estates, Lipman Group #311723

November 27, 2007 03:39 AM

Hi there appraisers! You know, a lot of realtors depend on a house appraising to get to a closing table. I have seen too often, however, the "drive-by" appraisal. What's the deal with that? Just wondering...

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Scott Blanchard

Mortgage Force - Newtown, CT

Some lenders when it comes to Home Equity Loans only require a drive by to be done rather then a full appraisal

Nov 27, 2007 03:48 AM

Emily Lowe

RE/MAX Homes and Estates, Lipman Group - Nashville, TN

Nashville TN Realtor

SCOTT - thanks for the response, but what does a drive-by appraisal accomplish? Just to see that the house is in relatively good condition and that the land isn't in a bad situation? I don't understand how a real appraisal can be done just by driving by it? Can you explain?

Nov 27, 2007 03:56 AM

Alix Pinzon

Open Mortgage, LLC NMLS # 2975 - Downey, CA

(562)743-6086

Hi Emily, A drive by is primarily used for two purposes, to verify the existence of the property, including the street appeal, and to verify that the market is stable. I haven't completed a drive by for quite some time, but I never did receive many assignments for hard money loans. As for the Brokers, they hardly ever order appraisals for pre-sale purposes, that's a myth.

Nov 30, 2007 04:33 AM

Emily Lowe

RE/MAX Homes and Estates, Lipman Group - Nashville, TN

Nashville TN Realtor

Gregg - Thanks!

Nov 30, 2007 06:42 AM

Todd Clark - Retired

eXp Realty LLC - Tigard, OR

Principle Broker Oregon

I actually had to dispute a "DRIVE-BY" appraisal, the idiot didn't even notice that the tax records and the house were both a 4 bedroom and he appraised it as a 3 bedroom. For some reason it didn't appraise. Then when they re-did it and he actually went inside it was $5,000 below appraised value, imagine that!

Dec 01, 2007 06:23 PM

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Attention Appraisers! What's the Deal with the Drive-By?

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