What are the Home Appraisal Types?
There is a list of home appraisal types below:
Full-Appraisals: A full type of appraisal by the Expert means that the Appraiser examines both the inside and outside of the property. As such, it involves taking pictures, commenting, and comparing the home to other comparable homes in the area. This type of valuation is the method used to determine the value of a home for the vast majority of mortgage loans.
Exterior-Only Appraisal: Exterior-Only Appraiser-type valuation covers only the exterior of the property, meaning you literally walk past the property and only get an external appraisal. For this process, the Appraiser takes a photograph of the exterior of the property but does not make an internal evaluation. He calls these evaluations "2055" because of the form used in these evaluations in the sector. Because less work is done, the cost is typically less than a full assessment.
Plus, external reports alone are rarely used when taking a prime mortgage to buy or refinance a home.