How the Coronavirus is Changing the Appraisal Process

According to recent Bankrate article, the home appraisal process has changed during the pandemic.

Whether it’s donning hazmat suits, connecting via zoom, or waiving them altogether – the appraisal process is changing during the pandemic. Many homes with lower loan-to-value ratios and no red flags have been receiving a waive on appraisals. With typical fees for an appraisal costing $450 and $600, homebuyers are happy to see this change.

Although homes that are more difficult to value are not seeing the appraisal waived. However, the process is changing even for these homes, such as exterior only drive-by appraisals. Some states have barred appraisers from going inside houses altogether. It’s important for everyone to remember that video or drive-bys are not the same as in-person visits, and have the potential to cause legal issues down the road.

The full article by Jeff Ostrowski, Senior Mortgage Reporter at Bankrate can be found at

https://www.bankrate.com/mortgages/coronavirus-is-changing-home-appraisals/