Appraisal and Inspections
Do I need an appraisal?
Most loans require an appraisal. For some conventional loans we may be able to waive the appraisal requirement.
What is a Property Inspection Waiver (PIW) and Automated Collateral Evaluation (ACE)?
Not every loan require an appraisal. A property inspection waiver or automated collateral evaluation is an offer to waive the appraisal for some loans underwritten to Fannie Mae’s guidelines. Your loan may be uploaded to an automated underwriting system called Desktop Originator (DO) or Loan Product Advisor (LPA). If the DO/LPA accepts the stated value of your home, an appraisal may not be required. Appraisal waivers are available for owner occupied and second homes and one-unit refinance, cash-out refinance and even on some purchase transactions.
How can I increase my home’s value?
Increasing your home’s value is more of an art than an exact science. Traditionally increasing your dwelling space, adding a room, kitchens and bathroom remodels usually may add the most value.