Should you waive appraisal if waiver is approved by Fannie Mae?

[Michael Chang]

Hello BP community,

We are looking to purchase (offer accepted) a house in Bucks County Pennsylvania. I was informed by my lender that Fannie Mae approved to waive appraisal requirement. I know that not everyone needs an appraisal to complete the underwriting process but home appraisals are typically part of the homebuying process.

Would you still get an appraisal any way to confirm home’s value (not paying too much for the property or that the bank has the correct valuation) ? What other considerations do you have when deciding whether to skip the appraisal or not? Thank you.

Michael