PDQ Lending allows appraisal waivers in certain circumstances. For which property would it most likely offer an appraisal waiver?

An appraisal waiver is often provided by lenders to streamline the process of obtaining a loan for certain types of properties, particularly when there is a strong market presence and high reliability in the valuation of similar homes. PDQ Lending is likely to offer an appraisal waiver for a single-family home valued at $500,000 because single-family residences tend to have more comparable sales data available, supporting a stronger market analysis. This increases the lender's confidence in the property value without needing a traditional appraisal.

Single-family homes generally represent a stable investment for lenders and are often less complex than multi-family complexes, commercial properties, or vacant lots, which may have more unique factors influencing their valuations, making them less predictable. The other property types, with their higher valuations and complexities, may not benefit from an appraisal waiver as readily due to the potential for more variability and the lender’s desire for verification of their market value.