Appraisals are possible during COVID-19:
Typically your mortgage lender will want your property appraised to determine ‘fair market value’, condition, and marketability of the real-estate.
Prior to COVID-19, an appraiser would visit the property at a mutually time to interview the home-owner, walk the property, and take photographs of the interior and exterior.
Lately, we’ve been witnessing the following approaches to safe-appraising:
- The appraiser will inspect the exterior of the dwelling and walk the property.
- The homeowner is scanning documents to the appraiser; ie: MLS listing, MPAC assessment.
- The appraiser takes measurements of the house and lot.
- The homeowner is asked (by phone or at a distance) about recent renovations, or damage.
- The appraiser takes time and date stamped photographs through the windows.
- The homeowner is instructed to provide photographs or a recorded video walk-through.
Thankfully, appraisers quickly adapted to COVID-19 and implemented a process to ensure the continuity of appraisals.
While one may ask why people are buying and refinancing during an uncertain time, most have been under contract to purchase or completing the refinance process which required appraisals.
Furthermore, prior to COVID-19, some lenders waive appraisals on financing requests that they considered ‘low-risk’ or felt that they were able to easily ascertain the property value. It’s safe to assume that these lenders are now wanting appraisals. Moreover, do not be surprised if your lender is requesting secondary opinions of value in addition to the appraisal.
Business as usual, for the most part.
-DV Capital Corporation #13186