When you apply for a house mortgage, a lender will usually require an appraisal of the property, whether or not you are shopping for a house or refinancing a mortgage. Appraiser would possibly determine that a house is value $220,000 because of put on and tear, damaged appliances and a sagging basis. An automated appraisal may not account for these issues and might worth the same residence at the next $240,000. This could probably be a problem for patrons who skip the in-person appraisal and as a substitute settle for the cheaper option of an appraisal waiver.