How To Start With Desktop Appraisals

[Noreen]

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.

Think about it, you have to have a good, solid understanding of the theory & apply it to the process to real world assignments. Think of it as having a solid foundation before you start framing the walls. Smaltsy but it's a "minds eye" visual.

 

[Valueseeker]

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.

Do lenders ever deny a sample to you? I think this would be most beneficial. @Noreen, Yes I plan on taking those courses in the near future.

 

[norapp]

Do lenders ever deny a sample to you? I think this would be most beneficial. @Noreen, Yes I plan on taking those courses in the near future.

Ask them what form you need to use. Most of the one's I've done were on the "Desktop Valuation Summary Report" says HomeFocus on the left. One lender sent a request with a partial sample because I could not find what they wanted in my Alamode. It was "Desktop Appraisal Report". Both are very easy as long as you have good comps. Don't be afraid to ask. Let them do something to earn part of your fee.

 

[jackimoya]

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.

Would you be willing to share who you've done desktop appraisals for? My husband is trying to do only desktop appraisals so that he can also help his ailing mother.

 

[Tom4value]

I have a client that orders them for asset management. They send a broker out to take exterior pics of the front and street and give a rudimentary assessment of condition. I use that, public records and MLMS.I will only do them in areas I know like the back of my hand and lots of comps close by subject. Even so, the report is loaded with disclosures including the comment that it cannot be relied upon as well as a full inspection appraisal.

 

[biker4ever]

I know BofA orders them for Helocs, but not enough to sustain an Appraiser... IMHO.

 

[Valueseeker]

Please go easy here.... trying to understand.

I'm seeing people say a desktop review is basically another appraisal with the same extent of work as the OA and I see some say you're just verifying data in which some appraisers are able to do several desk reviews a day. Are these two different types of products? Can someone elaborate?

 

[Meandering]

Please go easy here.... trying to understand.

I'm seeing people say a desktop review is basically another appraisal with the same extent of work as the OA and I see some say you're just verifying data in which some appraisers are able to do several desk reviews a day. Are these two different types of products? Can someone elaborate?

yes,

You will understand better by reading the USPAP Standard 3.

Don't consider doing any reviews until you have read and understand USPAP.

.

 

[hastalavista]

Please go easy here.... trying to understand.

I'm seeing people say a desktop review is basically another appraisal with the same extent of work as the OA and I see some say you're just verifying data in which some appraisers are able to do several desk reviews a day. Are these two different types of products? Can someone elaborate?

Two different types of product? Well, no and yes.
One kind of product: an appraisal
Two different quality levels: Somewhat like beef. The difference between "prime" and "select". What defines that difference in appraising is SOW.

 

[biker4ever]

When I used to get Desktops, I would not do desktops unless I have really good Comps. If it was a condo, easy squeezy. If it was a SFR and needed adjustments to site, GLA, etc, I would put a message in Appraisalport to upgrade to a 2055 to better assess Subject & Comparables. If they said no, I would ask them to re-assign it. Remember, just because it is a Desktop, does not mean you can slam 3 terrible Closed sales and come up with a value.