Property Valuation
In Washington, a 'drive-by appraisal' or 'exterior-only appraisal' is typically used for:
AInitial listing price opinions only
BCertain low-risk refinances or portfolio lender needs where a full interior inspection is not required✓ Correct
CCommercial property valuations
DTax assessment updates
Explanation
Exterior-only (drive-by) appraisals are sometimes used by lenders for lower-risk refinances or when a borrower has significant equity, where a full interior inspection is not deemed necessary for the lender's risk management purposes.
Related Washington Property Valuation Questions
- In Washington, which appraisal report form is used for standard single-family residential home appraisals for conventional lending purposes?
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