Often, yes. If the automated system offers one and you are confident in your price, taking it saves a few hundred dollars and a possible delay. If anything about the value makes you uneasy, order the appraisal anyway. Quick terms first: a property inspection waiver is the conventional appraisal waiver. Fannie Mae calls it value acceptance, Freddie Mac calls it ACE. On eligible files, the loan proceeds using the agency's automated valuation instead of a full appraisal. You cannot elect one at will; the system offers it only when its data supports the value with high confidence, which tends to mean a solid down payment, strong credit, and a fairly standard property in an area with plenty of comparable sales. One boundary worth knowing: waivers exist only on the conventional side. FHA, VA, and USDA purchases have no appraisal waiver. (FHA Streamline and VA IRRRL refinances skip the appraisal entirely, but that is a built-in feature of those programs, a different mechanism altogether.) The trade-off is giving up the neutral third-party check on value, which is peace of mind some buyers would rather keep on an unusual property or in a thin market. A middle ground has become common: the waiver paired with a property data report, where an independent third party visits to photograph and measure the home while the value still comes from the automated model. Confirm current eligibility and options with your lender, since the agencies adjust these programs over time.