Part of the home buying process includes getting an appraisal on the home being sold. It costs money to have an appraisal done. In most cases, it’s beneficial for the buyer. At the event there are any major issues with the home that you be unaware of, it will likely come to your attention at the time of the appraisal.

What you might not be aware of is that in some instances, an appraisal waiver may be an option for you. You must become qualified to obtain such a waiver. There are different rules and regulations with each lender. They usually take the following into consideration: having a great credit score and being able to prove your available assets. There are also some qualifications for the home, as well. If a lender feels it is necessary to have an appraisal, they will deny this waiver right away.

If you, as the homebuyer, become qualified, you have the option of a computer calculation program and previous home value information to figure out how valuable the property is. Not only will this save you money, but it will also help you close on the house quicker.

Keep in mind that if you are qualified for this waiver and you find out something is wrong with the house after you purchase it, that is completely on you. Be sure you make an informed decision before deciding that this is the right route for you.