Can you request a desktop appraisal?
With the newfound flexibility required by COVID-19, more lenders are willing to accept desktop appraisals for home purchases. Although not all lenders are willing to accept this type of appraisal, it is becoming more accepted. In some states, in-person inspections have been halted altogether.
How accurate is a desktop appraisal?
Don’t get me wrong; a desktop appraisal can be close to as accurate as a full one if there is enough data available. But, if data on the subject isn’t available, then the appraiser might as well be pulling a number out of thin air. This is why desktop appraisals aren’t typically used by traditional lenders.
What is the difference between a desktop appraisal and a full appraisal?
A desktop valuation is a great tool for homes that are in average condition. Full appraisal evaluations are recommended for homes that are in poor or highly upgraded condition. Full appraisals are also recommended for tax appeal cases and divorce in which someone might be disputing the value.
What form is a desktop appraisal?
Fannie Mae Form 1004
Appraisers must use Fannie Mae Form 1004 (Desktop) to complete desktop appraisals.
How do you value a desktop property?
Desktop valuation is done from the appraiser’s desk, the appraiser does not have to go for the physical inspection of the property he is about to value whereas, the appraiser will have to physically visit the property take pictures, closely examine all the features of the property, measure and evaluate the property to …
How long does appraisal desk review take?
The Appraisal Desk reviews appraisals as soon as they are received., and they usually review a file between the application origination and the final processing of the mortgage loan. Reviews can take up to 48 hours, however appraisals for specific loans like FHA or VA loans go directly to underwriting.
How long does it take for a desktop appraisal?
In real estate, a home appraisal typically takes two days to a week to fully complete. To complete the appraisal process, the mortgage lender must first order and schedule the appraisal, then gather data about the home. Finally, the appraiser needs to review the data to complete the appraisal report.
What does a desktop survey look for?
A desktop study is the first part of the site investigation process. It involves a desk based collation of documentary data. This includes records of site history, geology, hydrogeology/hydrology, waste, pollution incidents etc. to produce an outline conceptual model.
Do nationwide do desktop valuations?
The lender said there are no physical valuations taking place on its cases, in line with government guidelines on social distancing. As a result, Nationwide is working through cases to decide which are suitable for a desktop valuation.