Lender is waiving the Appraisal Requirement

[Alex Tang]

Im in the closing process of my 2nd rental property.  The lender notified me that Freddie/Fannie isn't requiring an appraisal.  Should I not order an appraisal then? Based off market comps my purchase price is in line w/ recent transactions.

[Steve Morris]

"The lender notified me that Freddie/Fannie isn't requiring an appraisal."

I'd get some kind of stipulation to that effect.  That sounds strange for agency loans.

If you're OK with the price paid and think it's competitive, don't know if an appraisal would be much use besides keeping the bank happy.