From: t@toddh.net (Todd H.)
Newsgroups: misc.consumers.house
Subject: Re: Bank did a drive by appraisal - could this hurt me down the road?
Date: 04 Aug 2006 10:38:13 -0500

"Dwayne  Hoover"  writes:

> I'm buying a house and the bank I'm getting my mortgage from only did a
> drive by appraisal, should I insist they do a full appraisal? What if I
> find out when I go to refinance down the road that the house did not
> appraise anywhere near the value I bought it for?

If you'd like that assurance,  and are willing to pay extra in closing
cost for it,  then by all means yes. 

But as far as the bank's concerned, they're satisfied that the house
is worth at least what they've lent you on it based on a drive by.  If
you need assurance the house is worth what you're paying, a realtor
can work up a competitive market analysis of recently sold properties
in the area, or you can pay for a full appraisal.

If the appraisal you do, however doesn't pan out as you like, you may
not have any legal means to get out of the contract since your
financing has gone through based on the drive by. 



--
Todd H.  
http://www.toddh.net/