How To Start With Desktop Appraisals

[Valueseeker]

with the up and coming winter I thought I'd like to learn how to do a desktop appraisal so if there is inclimate weather, I could still make some money.
My question is do lenders ever send you an example when you begin taking desktop appraisals? No one really does them in my office because they say it's not worth their time. I'd like to assess that for myself and see if I can make the same doing them compared to a full 1004.

Any feedback would be greatly appreciated.

 

[J Grant]

I've done a few in the past and they are rather easy. Imo, try one on your own, perhaps on a property you have already done an appraisal on, to see how you like it . I doubt you'd have a problem doing one for a client .

 

[Valueseeker]

I've done a few in the past and they are rather easy. Imo, try one on your own, perhaps on a property you have already done an appraisal on, to see how you like it . I doubt you'd have a problem doing one for a client .

How would I know if I'm doing it right? Is it so straightforward that it requires no prior experience? I've never even seen the form so I don't know what it entails.

 

[J Grant]

IT is very straightforward, doing it right is like any other appraisal..follow the steps, which is in a format of the form, and at the end, have you reached a credible and supportable opinion of value and are your other opinions and conclusions supported?It's like a 2055 form without an ext driveby . You can show it to another appraiser as well.

 

[J Grant]

If you do one on your own, at least you'll know if you can do one for a client. It makes certain assumptions about the properties, shorter format and a sales comparison approach. If you get one from client, turn it in and say what their feedback is.

 

[Sid Holderly]

If it is not a form in your appraisal software double check to see if any addenda need to be added to make it USPAP compliant. I have seen a few client supplied forms with no certifications or other required addenda.
Your software-based forms generally have the needed addenda or there are appropriate addenda pages in the software to attach. Completing one takes much less time, but most want to pay a pittance.

 

[Eli]

I have mixed emotions. I am like the op on experience with desktops. Liability seems like it could be more of a factor in a downturn. I could be off in my thinking. I assume more boiler plate. I am inexperienced in desktops. I hear the resounding PRICE echo from those experienced. I like the USPAP references. Don't forget about USPAP. I have no experience on the price references in relation to workload and liability.

 

[Bobby Bucks]

You could perform a desktop of a property you or someone in your office recently appraised. Then redact any confidential information and post a sterile PDF of it in here. You will get dozens of free reviews, comments, criticism and advice, some of it may be helpful, some of it will be caustic, but it will be a learning experience. I actually enjoy desktops, I do them for equity lines & REO loan management. I am very selective about what types of properties and what more important, which specific client is ordering the product. I completely avoid the hybrid REO products.

 

[Eli]

State laws and local laws will be a factor. Remember the jurisdiction. (Fee)

I wonder the going price in those shortage areas.

 

[Ms. Janet]

They are a lot of fun. And depending on the Client, they can be profitable. The main thing to remember is that you still have to support all of your conclusions even if there are no adjustments or a "checkbox" on the form.
And do not accept one unless you are 1000% positive you can complete a credible report from your desk. Completing complex assignments as a desktop will get you nothing but trouble.