Property Valuation
In Michigan, a 'drive-by appraisal' (exterior-only inspection) is most commonly used for:
AAll residential mortgage refinances
BLower-risk situations such as a low-LTV refinance where a full interior inspection may not be required✓ Correct
CNew construction appraisals
DProperties with suspected environmental issues
Explanation
Drive-by (exterior-only) appraisals are sometimes used in lower-risk transactions such as refinances with significant equity. They involve inspecting only the exterior, relying on public records for interior details.
Related Michigan Property Valuation Questions
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