Drive By ( Exterior Only Appraisals)

"Drive-by appraisal" refers to a type of real estate appraisal where an appraiser evaluates a property's value based on a cursory visual inspection from the exterior, typically without entering the property.

This type of appraisal is often conducted quickly and is commonly used for properties that are being refinanced or sold, and where a more detailed, comprehensive interior inspection is not deemed necessary.

“Drive-by appraisals may be used in situations where a full appraisal is not required due to time or cost constraints.”

It's important to note that drive-by appraisals are generally less accurate and comprehensive compared to full interior appraisals, as they rely solely on the appraiser's observations from the outside.

In contrast, a full appraisal involves a thorough inspection of both the interior and exterior of the property, along with a detailed analysis of comparable property sales in the area, local market trends, and other factors that can affect the property's value.

Full appraisals are often used in more complex real estate transactions, such as mortgage underwriting for home purchases.

It's worth mentioning that the specific terminology and practices related to real estate appraisals can vary by region and may be subject to regulations and guidelines set forth by local appraisal organizations and government agencies.