POST TAGSLoan Process
Blog posted On March 17, 2022
During the COVID-19 pandemic, the top priority for many was keeping distance. Companies sent employees home, restaurants closed their dine-in service, and people began moving out of large cities to more spacious suburban areas. However, in the home buying/selling process, you will often want to take a tour, have an open house, and get an appraisal – all of which typically were conducted in person. But when the pandemic hit, the real estate industry adjusted. Many companies began advertising virtual home tours, e-sign documents, and desktop appraisals.
What is a desktop appraisal?
A normal appraisal would involve a professional appraiser going to the property to provide an in-person valuation. A desktop appraisal is a property valuation estimate that is conducted completely virtually.
How is a desktop appraisal conducted?
Instead of walking through the home in person, an appraiser will use different tools to gather necessary information to make their valuation. Such information can include:
To gather this information without visiting the home, an appraiser will use tools like the multiple listing service (MLS) and recent tax records.
Benefits of desktop appraisals
Desktop appraisals are appealing to home buyers, sellers, and REALTORS® alike for several different reasons.
Fast closings are key in the modern market. If you’re selling a home, you want the process to be swift and timely. If you’re buying a home, you not only want a swift process, but you need it in order to make the strongest offer possible. Another great way to make a stronger offer is by getting preapproved.
If you would like to learn more about our desktop appraisals, let us know.