Desktop appraisal

[Marcia Langley]

What I thought was weird, it was that they couldn't tell me what is the purpose of the appraisal..

Bamba,

Don't gloss over the other posters' advice that you have to know the purpose.

You have to clearly write the intended use. saying "other" is not a propoer intended use statement.

This is an important USPAP issue, not an option.

Also, if this assignment is not for lending purposes, don't use the lending-specific forms.

 

[Charles Knutson]

I've had two desktop orders -- both were for lending purposes. One was declined, the other accepted, and both were upgraded to full appraisals; one a condo purchase, the other a refi.

A processor once told me that desktops were ordered when AVMs didn't work -- meaning, if it's a cookie cutter, they don't need a desktop; if they order a desktop for a unique property, chances are it needs to be a full appraisal.

 

[Mike Garrett RAA]

I wouldn't touch it with your E & O policy! Insufficient data is bound to get you into big trouble.

 

[The Warrior Monk]

Credibility is measured against intended use. There may be a legitimate reason to have a no-inspection appraisal performed, even on a complex property. If the purpose is to make a loan with an LTV of 80% for a unique property, then a no-inspection appraisal may not be appropriate.