**Title: Understanding Desktop Appraisals: A Comprehensive Guide for Homebuyers**
**What Is A Desktop Appraisal And How Does It Work?**
In today’s tech-driven world, even home appraisals have adapted to remote operations. Traditionally, a licensed inspector would visit a property to evaluate its condition, floor plan, and necessary repairs, compiling a detailed report afterward. However, with technological advancements, appraisers can now perform evaluations without setting foot on the property through a process known as a desktop appraisal.
**Desktop Appraisals: Defined**
A desktop appraisal is a property valuation completed remotely by an appraiser using third-party data such as tax records or information from the multiple listing service (MLS). Unlike traditional appraisals, there is no physical inspection of the property. It’s important to note that a desktop appraisal is different from a hybrid appraisal.
**Whats The Difference Between A Desktop Appraisal And A Hybrid Appraisal?**
– **Desktop Appraisal:** Conducted entirely remotely, relying on third-party information like MLS listings, property records, and previous appraisals. The appraiser uses a desktop appraisal form to determine the property’s value.
– **Hybrid Appraisal:** Involves a third-party data collector who visits the property to gather data, including photos, measurements, and specific details about the home’s condition. A certified appraiser then completes the appraisal using this data and other public sources without visiting the property.
**When Are Desktop Appraisals Used?**
According to Fannie Mae and Freddie Mac, desktop appraisals are typically used for purchase transactions, including new construction, though there may be restrictions.
**Considerations When Getting A Desktop Appraisal**
Several factors influence whether you can get a desktop appraisal, including your lender and loan product. Here are some key considerations:
– **Time:** A desktop appraisal doesn’t always mean a faster process. Coordination is still required for data collection before the appraisal can be completed.
– **Cost:** Costs vary by location, and the buyer usually pays for the desktop appraisal.
– **Required Documents:** The appraiser needs access to tax records, MLS listings, prior appraisals, and other relevant property data.
**Desktop Appraisal Pros And Cons**
**Pros:**
– **Cost-effective:** Generally less expensive than traditional appraisals.
– **Less bias:** The absence of a physical visit reduces the risk of bias in the evaluation.
**Cons:**
– **Eligibility:** Not all property types, loan purposes, occupancy types, and loan-to-value ratios (LTVs) qualify for desktop appraisals. Complex properties may be excluded.
– **Lender Restrictions:** Some lenders may not accept desktop appraisals, regardless of the property type.
**The Bottom Line**
While a desktop appraisal can be a suitable option for some loans, it isn’t available for everyone. Traditional appraisals may be necessary, especially for mortgage loans or refinancing. If you’re ready to start your home buying journey, you can fill out a mortgage application online today with O1ne Mortgage Inc. Visit [O1ne Mortgage Inc.](https://o1nemortgage.com) to request a mortgage quote, apply for a loan, or speak with a representative. You can also call us at 888-372-8820.
**Keywords:** desktop appraisal, home appraisal, property valuation, mortgage loan, O1ne Mortgage Inc., remote appraisal, hybrid appraisal, home buying, mortgage application, real estate evaluation
Inspections & Appraisals
1. Appraised Value 2. Market Value 3. Home Appraisal 4. Property Valuation 5. Mortgage Approval Process
