Again you are a willing buyer at the current price and the lender is OK with it... as long as this is not a new build home from a home builder using their own financing I would say you are just fine without one.
Best of luck to you.
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you are talking with has decided to look at your loan differently. Unsecured vs Secured.
There are foreclosed properties seller provides the appraisals ..... Try to know the details to this
situation in writing. What is the Lender basing the leverage of the loan on?
How can you be sure of value of subject property without a licensed appraiser's unbiased report ?
You ideally want the loan to be federally insured or know the reasoning otherwise.
If they're comfortable with the price and lending without an appraisal that's a great thing.
Probably means you got a very good price and combined with the large down payment they're comfortable with values.
I would not waste my money on an appraisal for the lender.
Is your realtor comfortable with the value?
Are you comfortable with the value?
If so, I don't think the appraisal will tell you anything. The trick is, let's say the house is really worth $350,000, but you're paying $300,000. The appraisal will likely come back at $305,000. So what does that tell you? Nothing really. Rare do I see the appraisal come back at what everyone would agree is the real market value when the purchase price and value vary greatly like that.
I've had two borrowers this year that did not have to get an appraisal.
Feel lucky....that you get to keep the $400 or so and not give it to the bank. Go enjoy a nice dinner and night on the town, or put it towards your principal.
I haven't seen one done this way in yrs... didn't know they were still available with all of the lender guideline overlays.