Desktop Appraisal

A desktop appraisal is the same as a regular appraisal with one exception. That is, the appraiser does not conduct a personal, onsite inspection of the property.

If the appraiser does not conduct an onsite inspection, there must be an alternative way to gather accurate size, quality and condition data about the property.

This data can be provided in one, or all, of several ways.

There is usually some useful data on line at the County Geographic Information System (GIS). Also, there may have been a recent listing of the property with the local Multiple Listing Service (MLS). Often the MLS data is very helpful including lots of photos of the property. And, there is the client. If you need an appraisal, and you can provided size, quality and condition information through photography and descriptions of various aspects of the property, the appraiser can use that to determine the characteristics of the property being appraised. With this information in hand, the appraiser can do a very good and reliable job of appraising the property. The Desktop Appraisal is Uniform Standards of Professional Appraisal Practice compliant.

The desktop appraisal can be used for:

• Accurate REO analysis (REO = Real Estate Owned, or repossessed by a bank)*
• Property settlements
• Estate settlements
• Legal matters
• Setting sale prices
• Negotiating contract prices for private sales
• When you need to know the current market value

Footnote: Desktop appraisals are used in the single family finance industry too. FNMA has begun to accept desktop appraisals in certain situations that meet their guidelines.

(Note: The Pacific West Appraisal Services (PWAS) desktop appraisal is not designed for loan financing. You have to go to your lender to get a desktop appraisal done for financing purposes.)

*REO Appraisals are often required by banks to help them understand the current value of a property. The Desktop Appraisal is perfect for this need.