Drive By and Refinance Inspections
To the casual observer, a drive-by appraisal looks like and individual walking around and taking pictures of a home while scribbling down notes as they go, but behind the scenes there is actually much more taking place during this assessment.
Before they visit your home, the appraiser will research sales of homes that are like yours in terms of style and location. They do this by looking at recent comparable sales within the industry.
This will give the appraiser a general idea of the selling cost of homes like yours. In times of robust sales, this is a relatively straightforward process. When sales are few and far between or if you live in a rural area with very few like properties, this may be a more complex task.
Of course, research alone cannot replace looking around the neighborhood and checking out the home itself.
The appraiser will also take a drive through the neighborhood to get a sense of whether its homes are increasing or declining in value. They will consider the overall look of the area and how well the neighbors maintain their property.
Exterior of the Home
The appraiser will then drive by to observe the exterior of your home.
They will walk around the exterior and take pictures, measurements, and notes on anything they observe, jotting down any questions they have.