Desktop / Drive-By vs Full Appraisal
Appraisals come in three inspection scopes — full (interior + exterior), drive-by (exterior only), and desktop (no inspection, all data from records and photos). The scope must match the intended use.
What's actually different
| Dimension | Full Appraisal | Desktop / Drive-By |
|---|---|---|
| Inspection | Interior + exterior | Exterior only or none |
| Cost | $400 – $1,500 | $200 – $600 |
| Turnaround | 2 – 7 days | 1 – 3 days |
| Lender acceptance | Universal | Low-LTV refinance / portfolio monitoring only |
| Legal / CRA / court acceptance | Yes | Generally no |
- •Divorce, estate, CRA, court, tax appeal, private lending, any refi above 65% LTV.
- •Lender pre-screen, low-LTV refinance with strong borrower file.
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Keep learning
An appraisal is a documented opinion of value by a licensed professional based on inspection and comparable analysis. An AVM is a statistical estimate from sale records and property attributes — fast, cheap, and inappropriate for most legal, lender, and tax uses.
A CMA is a pricing tool prepared by a real estate agent to help a seller set a list price. It is not an independent valuation and is not accepted for lender, legal, or CRA reliance.
These are complementary — not substitutes. An appraisal estimates market value; a home inspection evaluates the physical condition of the building's systems.
A property tax assessment is a mass-appraisal value produced by a provincial assessment authority for tax calculation — it lags the market, often uses an out-of-date base date, and cannot be used as evidence of current market value.
A BPO is a price opinion provided by a real estate broker, typically for lenders managing distressed or REO assets. It is faster and cheaper than an appraisal but is not produced by a designated appraiser and is excluded from many regulated uses.