Appraisal Free Closing

In the process of of purchasing a home (curerntly in attorney review). My lender (Guaranteed Rate) is saying based on the location and the data they have in the area we have the option of forgoing an appraisal. He compared it to hitting $500 on a scratch-off ticket. Our realtor thinks the house is priced fairly. Is there any advantage to not doing an appraisal.

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In the process of of purchasing a home (curerntly in attorney review). My lender (Guaranteed Rate) is saying based on the location and the data they have in the area we have the option of forgoing an appraisal. He compared it to hitting $500 on a scratch-off ticket. Our realtor thinks the house is priced fairly. Is there any advantage to not doing an appraisal. submitted by /u/Batchagaloop [link] [comments]

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