The court also was concerned that plaintiff's appraiser had attached no significance to the sale price of the subject property of $19,500,000 within three years of the assessment date, omitted seven fireplaces in the analysis, failed to perform even a drive-by appraisal
(limiting the comparables to a computer database search), and lacked familiarity with the prestige of the property's location.
For example, a drive-by appraisal
of new housing stock is more likely to produce an accurate market price than it would for older, distressed housing stock.
In a drive-by appraisal
, the appraiser never goes into the home.
About a year later, the appraiser was called back by the lender to do a drive-by appraisal
of the same property in connection with a refinance loan.
The Exterior-Only Inspection Individual Condominium Unit Appraisal Report, used as a drive-by appraisal
for condos; and
Although neither a complicated nor accurate protocol, it is perhaps useful as a first approximation for some limited purposes-like a drive-by appraisal
may be useful as a first approximation for some limited purposes.
Or developers can trust appraisers to make the decision as to whether a drive-by appraisal
or interior inspection is needed.
The shortcomings of providing a drive-by appraisal
for this type of property are obvious.
The product features faster delivery, significantly lower pricing than a standard drive-by appraisal
, and upgrade discounts on traditional appraisal services, according to SMI.
In today's world and in an effort to balance cost, quality and competitive advantage, home-equity lenders need valuation products that meet risk guidelines but don't require the cost and time associated with traditional full or drive-by appraisals