What is an Appraisal Waiver?
In the world of real estate, an appraisal waiver is a document that allows a property to be sold without first being appraised. This can be useful in a number of situations, such as when a property is being sold between family members or friends, or when the property is being sold for less than its fair market value.
An appraisal waiver is not always necessary, but it can be a helpful tool in certain situations. If you’re thinking about selling your property and would like to avoid getting an appraisal, be sure to speak with your real estate agent to find out if a waiver is the right option for you.
When is an appraisal waiver needed?
There are a few situations in which an appraisal waiver may be necessary. For example, if you’re selling your property to a family member or friend, you will need to provide them with a waiver in order for the sale to go through. Similarly, if you’re selling your property for less than its fair market value, you will also need to provide a waiver to the buyer. An appraisal waiver may also be required in some cases involving estate sales or foreclosures.
An appraisal waiver as part of an offer removes the contingency in the event an appraiser does not value the house the same as the contract price. This would mean that the buyer is willing to pay the difference between the sales price and the appraised value.
An appraisal waiver is not typically used in commercial transactions, as it is generally considered to be less risky to have an appraised value for a property that is being sold for a large sum of money. However, in some cases, a buyer and seller may agree to waive the appraisal process in order to speed up the sale.
How to get an appraisal waiver
In order to get a waiver, you will need to provide a signed document to the buyer or their agent. This document will state that you are waiving your right to have the property appraised.
It’s important to note that an appraisal waiver is not always necessary, and in some cases, it may be more advantageous to have an appraisal done. Be sure to get proper guidance from your real estate agent.
As always, please don’t hesitate to reach out to one of our legendary agents as one of your trusted advisors to see if this is something you should consider when purchasing a home!
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