How are appraisals done without access to the house?

[Sam Tright]

My HML requested an appraisal. Cost $500 and I provided an itemized list of repairs, along with pictures. I was not asked for the lockbox code (i don't have it anyways, the seller's realtor does)

Curious how these types of appraisals can be accurate. Pics can be misleading or omit damages. The exterior can be walked curbside, but probably not the rear. Have you guys found them to general be on target?

[Jeff Copeland]

As noted above, the appraiser knows who to contact to get access to the property. Especially if it is in the MLS. Most appraisers have MLS access and would get the instructions directly from the MLS in such cases.

It also depends on what kind of appraisal product was ordered. It is possible to do a "desktop" or "drive by" valuation. Of course these will not be as accurate as a full blown appraisal, but it all depends on what the lender ordered. Most HMLs are in a fairly safe LTV position, so they may not need a specific value down to the penny, just a ball park figure to make sure they aren't putting themselves at risk.