What does a Limited-Restricted appraisal typically entail?

A Limited-Restricted appraisal generally involves a drive-by examination of the property's exterior. This type of appraisal is less comprehensive than a full appraisal, where an appraiser would inspect both the interior and exterior of the property in detail. Instead, a limited-restricted appraisal may focus primarily on the visible aspects of the property from the street, assessing the condition of the exterior, the surrounding neighborhood, and other observable factors that can influence property value.

This approach can be useful in situations where a quicker assessment is needed, or when a full appraisal is not warranted, such as in cases of refinancing or certain types of transactions where less detailed information is sufficient for the lender's needs.

In contrast to the other options, which involve more detailed analysis, collaboration, or specific financial assessments, a drive-by appraisal is straightforward, emphasizing a visual inspection without extensive data gathering or analysis.