Appraisal waiver
When a lender agrees to skip the appraisal, usually because automated data supports the value. It is different from a buyer waiving the appraisal contingency.
Also called: PIW, property inspection waiver, value acceptance
Related terms
A licensed appraiser's professional opinion of what a home is worth. Lenders require one to make sure the home supports the loan amount.
Software that estimates a home's value from public records and recent sales. Online estimates come from AVMs and can be far off, especially for unusual or updated homes.
A contract term that lets the buyer renegotiate or cancel if the home appraises below the purchase price. It matters most when a lender bases the loan amount on the appraised value.
An appraisal done without the appraiser visiting the property, using public records, MLS data, and photos or floor plans. Only some loans allow it.