If you’re looking to buy or sell a property, you’ve probably heard the term “desktop appraisal.” But what exactly does it mean? In this blog post, we’ll dive into the world of desktop appraisals and provide you with a comprehensive understanding of this process.
What is a Desktop Appraisal?
A desktop appraisal is an appraisal that is conducted entirely online, without a physical inspection of the property. This type of appraisal is typically used for properties that are easily accessible through public records or MLS (Multiple Listing Service) data. Desktop appraisals are typically completed faster and at a lower cost than traditional appraisals, making them a popular option for both buyers and sellers.
How does a Desktop Appraisal work?
During a desktop appraisal, an appraiser uses public records and MLS data to gather information about the property, such as its location, size, and recent sales in the area. The appraiser will also review photos of the property, if available, to get a better idea of its condition.
Once the appraiser has gathered all the necessary information, they will use it to calculate the property’s value. This is done by comparing the property to similar properties that have recently sold in the area. The appraiser will take into account factors such as location, size, condition, and amenities when making their calculations.
Advantages of a Desktop Appraisal
One of the main advantages of a desktop appraisal is that it can be completed quickly and at a lower cost than a traditional appraisal. This can be especially beneficial for buyers and sellers who need to complete a transaction quickly or who are looking to save money on appraisal fees.
Another advantage of a desktop appraisal is that it can be completed entirely online, which can be more convenient for both the appraiser and the client. This means that there is no need to schedule an appointment for an appraiser to physically inspect the property, which can save time and reduce the need for travel.
Disadvantages of a Desktop Appraisal
While desktop appraisals can be faster and more convenient than traditional appraisals, they may not be as accurate. Without a physical inspection of the property, it can be more difficult for an appraiser to accurately assess the property’s condition and identify any potential issues.
In addition, desktop appraisals may not be accepted by all lenders or financial institutions. This is because some lenders require a traditional appraisal with a physical inspection before they will approve a loan.
In conclusion, a desktop appraisal is an appraisal that is conducted entirely online, without a physical inspection of the property. While it can be faster and more convenient than a traditional appraisal, it may not be as accurate and may not be accepted by all lenders. If you’re considering a desktop appraisal, be sure to speak with your lender or financial institution to ensure that it will meet their requirements.