Definition
Lender permission to skip formal appraisal based on automated valuation models and strong equity position.
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Appraisal waivers accelerate closings and reduce costs ($400-600 appraisal fee waived). Waivers common in strong markets with significant equity. Lenders use AVMs to justify waivers. Appraisal waivers increase refinance speed but reduce property inspection rigor.
Pro Tip
Appraisal waivers speed closings; ensure valuation reasonableness before waiving appraisal.
Example
Refinance with 40% equity qualifies for appraisal waiver; closing timeline reduced 5-7 days, appraisal fee waived