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16782 Von Karman Ave. Suite 12 Irvine, CA 92606 Office (949) 3902688 PROPERTY INSPECTION WAIVER DISCLOSURE PROPERTY ADDRESS BORROWERS: LOAN NUMBER I understand that my application for a loan was underwritten.

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Waiving an appraisal contingency can be a smart tactic for standing out in an extremely competitive seller's market. Doing so could eliminate a seller's fear that the deal might fall through if the property doesn't appraise for the initial asking price.

Being granted an appraisal waiver can save buyers money and time, since they do not have to pay for an appraisal and the closing process could be sped up. However, a professional appraisal is probably the most accurate way of determining a home's value, so buyers who skip it run the risk of overpaying for the home.

A property inspection waiver (PIW) mortgage is a mortgage that's eligible for an appraisal waiver, which means the loan can be approved without a full home appraisal report.

Lenders might waive a new in-person appraisal because the home's market value was calculated so recently. The same can be said for refinancing a home. If little time has passed since the original appraisal, a lender may be willing to waive the in-person appraisal when refinancing.

What are the risks of removing the appraisal contingency? The biggest risk is that you will be responsible to make up any difference between the purchase price and the appraisal value if it comes in low.

A home appraisal waiver, though, means that you can skip the in-person appraisal. This takes away some of the uncertainty that comes with an appraisal. It can also save you money, as buyers usually pay for the appraisal.

An appraisal waiver does come with some benefits for buyers. An appraisal waiver will save buyers money. The costs of these in-person visits vary, but they typically run from $300 – $450. An appraisal waiver can also reduce the amount of time it takes to close on a home.

It is rare that a lender will waive your appraisal when buying a home. But that doesn't mean that it can't happen. You might qualify for a waiver if an in-person appraisal was conducted within the last year on a property you want to buy.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232