I've been doing this a long time. I think my first sale was to a Neanderthal for a 1-bedroom cave with a river view.
Today, I heard something I've not heard before. The lender, on an upcoming transaction for a buyer of mine said "We don't need an appraisal".
When I woke up, there were a bunch of people standing above me, fanning me with a towel ... "give him air, give him air"... allright, that might be a touch melodramatic. I didn't actually pass out.
When I asked "why?", they told me that "Fannie Mae and Freddie Mac both give appraisal waivers if they have enough data on the property or similar ones nearby that they believe the value is acceptable."
That's a first for me. Back in the day, I remember the ocassional 'drive-by-appraisal' where the lender just did a drive-by to make sure the property was actually there. This is the first "no appraisal" in my career.
Hmm.... I should buy a lottery ticket.