You may think that desktop appraisals were just an occasional anomaly during the early days of the COVID-19 pandemic, but the GSEs have been experimenting with desktop valuations for years. Fannie and Freddie are getting very comfortable with these types of valuations, so knowing how to navigate these appraisals is going to be important for appraisers and agents alike.
Read this Texas REALTOR® magazine article by Plano appraiser Brent Bowen to learn what properties are eligible, how to prepare, and more.
Great information and a big step forward in making our selling process more streamlined and expedited when the situation is appropriate. I had several last year and it made the deal go smooth.
Where can learn more information? Last year I was called by an appraiser, he wanted me to go to the house instead of him, at his schedule. He wanted to have me walk the property at his instructions. The buyer was paying 600 for appraisal. I was scheduled for doctors appointment the date and time the appraiser wanted me to hook up to his camera video program. I asked the buyer agent to go since I could not and was only given one time ption. Buyer agent was flabbergasted that he was doing the appraisers job. They asked bank to… Read more »
Overall, I think this is a terrible idea. Trading accuracy for expediency. Agents have a vested interest in whether the deal closes or not. Appraisers do not. If you can’t see that having an appraiser rely more than previously on an agent to provide info, then you might be part of the problem. If you think this is a good idea, why not just let the listing agent determine the value start to finish? It may work smoothly if everyone involved is ethical and competent, but who is making that guarantee out there? Just my 2 cents.
Is a desk top appraisal also know as a PIW (property inspection waiver)?
Wow, we went from hands-on on-site visitation to drive-bys to desktop !!
So what is appraisals be based on photographs that are taken by the Realtor’s . Of course, those are never photo shopped or enhanced!
I was surprised to hear that desktop appraisals are becoming more common. In 2018 we pleaded with our credit union to do a desktop or drive by appraisal on an unimproved lot since there was no home or building to inspect or measure, but they refused.