A Drive-By Appraisal is a type of real estate appraisal that is conducted by an appraiser who makes a brief inspection of the property from the street or curb. This type of appraisal is commonly used for properties that are difficult to access or in situations where time is of the essence.
The appraiser conducting a Drive-By Appraisal will typically look at the exterior of the property and any visible improvements or changes that have been made to it. This may include looking at the roof, exterior walls, windows, and landscaping. The appraiser will also consider the neighborhood and the overall condition of the surrounding properties.
Drive-By Appraisals are usually less expensive than traditional appraisals because they require less time and effort on the part of the appraiser. However, they may not be as accurate as a traditional appraisal because the appraiser has limited information about the interior of the property and may not be able to assess its overall condition.
In some cases, a Drive-By Appraisal may be sufficient for lenders or other parties involved in a real estate transaction. For example, if the property in question is a small residential property and the lender is already familiar with the property and the area, a Drive-By Appraisal may be all that is needed to make an informed decision about the property's value.
However, in other cases, a traditional appraisal may be necessary to provide a more detailed assessment of the property's value. This may be the case for larger properties or recently renovated properties, where more detailed information about the property is needed to make an accurate appraisal.
** Not all properties nor transactions are eligible for a drive-by appraisal, so we recommend that you consult the final intended user of the report (Agent, Lender, Attorney, Etc.) to see if this type of report is a possible option for you.**