How To Start With Desktop Appraisals

[Valueseeker]

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.

I think I may do this. What form number is it? Does it come in alamode/Total?

 

[Noreen]

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.

Where are you taking your courses for educational credit? ( I'm licensed in MA too, am from MA). A good instructor will guide you through the form or a good book/manual as well as the FNMA site will guide you through the thought process in each section. I know you have some of the best IN PERSON education courses available to you in the industry. Call and find what books they recommend.

 

[Valueseeker]

Where are you taking your courses for educational credit? ( I'm licensed in MA too, am from MA). A good instructor will guide you through the form or a good book/manual as well as the FNMA site will guide you through the thought process in each section. I know you have some of the best IN PERSON education courses available to you in the industry. Call and find what books they recommend.

I've only taken Qualifiying ed. Now that I no longer need to take that, I think my continuing ed will be in these interest. I just hope the classes offer application opposed to theory. Most of my QE courses were presented that way.

 

[Meandering]

Break out the USPAP.

See that you only have two reporting options,
Appraisal Report and Restricted Use

No matter if you do an interior inspection, a drive-by inspection, or no inspection (desktop) of the subject property,

Your report still has to meet all of Standard 1 development and one of the two reporting options.

The level of inspection, or no inspection, is merely a matter of how many extraordinary assumptions you can make, and still remain credible while producing credible results.

There is not class for creating extraordinary assumptions. It's just something you have to think about and decide if you know something is a fact that can be verified, or, if you are assuming something that you can not verify.

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[biker4ever]

I always put comment: Pls uograde to 2055 Exterior to better assess subject and comparables" If they say no, ask them to re-assign...

 

[Bobby Bucks]

I think I may do this. What form number is it? Does it come in alamode/Total?

I'm not sure which number it is because I don't use that software. I would first determine which form the client will require, there are more than one.

 

[CANative]

Talking to a trainee (or noob) about forms is not the right way to go about this, IMO.

 

[norapp]

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.

I've done some for different lenders. Always ask what form they use and some send an example. Just ask if you are not sure. I wish I would get more of them usually quite easy. Oh and make sure you add statements to cover yourself.

 

[CANative]

Oh and make sure you add statements to cover yourself.

Such as?

 

[norapp]

Such as?

Sometimes I don't know if you are serious or kidding. Such as per lender, this has been ordered as.......You are relying strictly on tax records/published data and have not inspected interior or exterior of the subject or comparable's and can not confirm or verify information is accurate without an inspection. Most of your normal extraordinary assumption statements you would use on a 2055 drive by would apply here. Someone above posted you should always be sure you have enough comps and information available otherwise you can't do these. I do them because there is abundance of information in tax records for many of the areas I cover that include pictures, sketch with dimensions, improvements etc. I also call the homeowner to inquire about any changes and or renovations. And I always use google earth to see if there is a clear picture of the structure and grounds. There is a measuring tool on google earth that you can measure the roof line of homes. I used to add these images of estates on Long Island that were not visible from the road that would show these multi million dollar properties and what was on the property.