This is always a trying time for homeowners and buyers (also agents)! Will the appraisal come in at value, or will they actually come in the home for the appraisal? I have had many lately that were done without the appraiser visiting the home in person. Some were because there were comparables to support the value, and some were because the buyers were putting down much more than the loan value. What constitutes an in-person inspection by an appraiser?
Well, I am not one to say.... I have a buyer currently that is putting down $700K on an $850K property, and they had to have an in-person appraisal. OK, that was one I thought that would not happen, but maybe because it is a VA loan?
Now, we are waiting for the appraised value. It is a VA loan, so will it become TIDEWATER? That was a strange term I heard a couple of years ago, but difficult to "overturn". I thought two years ago I had enough data to support the value of the contract price for my buyers, but did tell them it would be close. OK, tidewater was called, and the appraiser was not to be swayed.
In a neighborhood where there are lots of comparables to support the sales price, USUALLY not an issue. In a neighborhood where there are few comparables, could be an issue. I know I recently sold a property where we were $40K higher than any resale in the neighborhood, and there was NOT an in-person appraisal needed. WOO HOO!