drive-by appraisal

drive-by appraisal

A value estimate made without examining the interior of a property.There is nothing inherently wrong with such an appraisal, as long as it is disclosed.

References in periodicals archive ?
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.
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.
To support this effort, the RealValue turn around time averages 24-36 hours, at less than half the cost of a drive-by appraisal.
By incorporating two human professionals, providing up-to-date Web accessible AVM data, and offering appraisers the option to generate income through AVMs -- all at a lower price -- the 3111 is deliberately poised to replace 2055 drive-by appraisal.
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.