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An Overview Of A Drive By Appraisal

July 22, 2022 by Linda White

An Overview Of A Drive By AppraisalIf you are applying for a home loan of any kind, there is a high likelihood that your lender will require a home appraisal. An appraisal is done to figure out how much your home is actually worth because the lender does not want to lend you more money than you could theoretically sell the home for in the future. There are some situations where the lender might be fine with a drive/by appraisal. What does this mean?

Comparing A Traditional Appraisal To A Drive By Appraisal

A traditional appraisal is a very thorough process where the appraiser comes to the home and inspects almost every portion of the home. This includes the interior and exterior. Then, the appraiser uses the information to calculate an estimate of the value of the home.

In a drive-by appraisal, the appraiser will only look at the exterior of the home. Then, the appraiser will compare this to the exterior of similar homes in your area, such as in your neighborhood, to get a better idea of how the value of your home compares to similar homes near you. Then, the appraiser uses this to figure out the value of your home. 

When Is A Drive By Appraisal Permitted?

Ultimately, a drive-by appraisal is permitted at the discretion of the lender. Typically, if you are applying for a new home loan, the lender will want a full appraisal; however, due to the pandemic, some lenders have become more lax and have been allowing drive-by appraisals for safety purposes. In addition, if you are applying for a refinance, the lender might not require a full appraisal. This is likely dependent on the time between your original home loan and the current refinance. It might also be dependent on your financial situation. 

Do I Want A Drive-By Appraisal?

There are a few advantages to you if the lender allows a drive-by appraisal. The process is usually faster, so it could help you expedite the closing process. In addition, if someone occupies the home currently, a stranger doesn’t have to enter the home to inspect every nook and cranny. If your lender requires a home appraisal, be sure to clarify what type of appraisal has to be done to get you to the closing table. 

Filed Under: Real Estate Tagged With: Appraisal, Drive By Apprasial, Mortgage

The Most Common Mistakes First-Time Sellers Make

July 8, 2022 by Linda White

The Most Common Mistakes First-Time Sellers MakeEven though many people are focused on some of the most common mistakes that first-time home buyers make, there are also a lot of mistakes that first-time sellers make. Your house is an investment, and the time to capitalize on that investment is when you sell your house. What are some of the mistakes you need to avoid if you want to find the best deal possible?

Setting The Price Too High

One of the most common mistakes that sellers make is setting the price too high. Yes, you want to get as much money for your house as possible, but you do not want to be unrealistic about the money you think you can get for your home. Remember that the list price is used to drive interest in your property. If you set the price too high, people may cross it off of their list before they even take a look at it. The more people you have interested in your property, the better. Make sure you set a realistic list price.

Automatically Taking The Highest Offer

Even though you want to get as much money as possible for your home, always take a look at the details of the offer before you accept it. For example, financing could fall through. Maybe the appraisal comes in too low, and the bank refuses to finance the property. Furthermore, if you accept slightly less money for a cash offer, you might be able to save money on closing expenses, which means more money in your pocket. Always take a look at the details of each offer before you decide which one to take.

Not Working With A Real Estate Agent

Finally, a lot of homeowners believe that they can simply sell the house on their own. Unfortunately, if you do not use a real estate agent, you significantly limit the exposure of your property because you cannot list your house on the MLS. This means that some people may not even know your house is on the market. This could limit the number of offers you get.

Therefore, you should always work with a real estate professional who can help you market your house, review your offers, and walk away with as much money for your house as possible. 

Filed Under: Real Estate Tagged With: First Time Sellers, Mortgage, Offer

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Linda White - Knapp Realty

Linda White

Call (702) 301-0648
NV - BS.0143690

Robert J White

NV - S.0056824

Knapp Realty
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Linda & Robert White
Whites House Team at Knapp Realty


39 E Basic Rd.
Henderson, NV 89015


Direct (702) 301-0647 Cell (702) 301-0648 Fax 855-975-3237

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